What Is a Market?
Class 7 Social Science · Chapter 12: Understanding Markets · NCERT Exploring Society: India and Beyond section 12.1
Learn
A market is where people buy and sell goods and services: a bazaar, a haat, a mārukaṭṭe in Kannada, or an online shop. Through markets, households and businesses get what they need (things essential for survival, like food, water, clothing and shelter) and want (things desired but not essential). Markets also connect people, traditions and ideas.
In the 16th century, the Hampi Bazaar of the Vijayanagara Empire, opposite the Virupaksha temple, amazed visitors. A Portuguese traveller called Hampi "the best-provided city in the world", with grain, seeds, milk, oil, silk, cows, horses and birds for sale; another described craftsmen making gold jewellery and stalls of rubies, diamonds and pearls. Every market has a buyer, a seller and a price they agree on, often reached by bargaining.
Explore: need or want?
- Sort each item.
Remember
- A market is where buyers and sellers exchange goods and services at an agreed price.
- Markets meet needs and wants; the Hampi Bazaar of Vijayanagara was famed for its abundance.
Quick check
Which three things does every market need?
- a buyer, a seller and an agreed price
- a mall, a car park and a lift
- a bank, a school and a temple
- only coins
Answer
a buyer, a seller and an agreed price. The market may be physical or online.
Think about it
How might a market from 500 years ago differ from one today?
One answer
No electricity, packaging or digital payments; goods came by cart or boat; bargaining was universal; but buying food, cloth and crafts from familiar sellers would feel much the same.
Practice
Practise with fresh questions at three levels (easy, medium, hard), some answered hands-on, with hints and worked answers. Get 4 of your last 5 right to finish the topic.