CLASS 7 · SOCIAL STUDIES · CHAPTER 12
Original simple answers to ten market questions about prices, trade, quality, government regulation and consumer choices.
10 worked answers · short steps first, explanations when you need them
Textbook pages 260–263
Question 1
Describe buyers, sellers, goods or services, agreed prices and how the exchange takes place.
Add examples from a market you have actually visited.
Question 2
Markets enable exchange and trade, but fair rules and protections are needed so people benefit safely.
Markets can contribute to prosperity when they work fairly.
Question 3
A good price can encourage more supply, but the farmer should estimate next season’s demand and risks.
Production decisions respond to expected prices and demand.
Question 4
Physical—presence; online—virtual; domestic—within a nation; international—across borders; wholesale—bulk; retail—final consumers.
Match each market type to its scale or way of operating.
Question 5
Limited supply, high production costs, specialised skill or uniqueness can keep prices high.
Prices reflect supply, costs and what buyers are willing to pay.
Question 6
Buyers may value packaging, trust, convenience, quality and service; sellers also have different costs.
Price is important, but it is not the only factor in a purchase.
Question 7
Oversupply lowers prices; wholesalers can move produce, while storage, processing and market planning reduce waste.
Help farmers reach buyers before perishable produce spoils.
Question 8
Describe what students sell, how prices are shared and how buyers and sellers discuss a purchase.
Use details from a fair you know.
Question 9
Record each product and relevant mark; explain that certification requirements vary by product category.
Use the label and current official guidance to interpret missing marks.
Question 10
Include product and maker name, net quantity, ingredients, directions, safety and required batch details.
Keep the label clear and verify legal requirements for real products.