NCERT Book Class 7 Social Science (Exploring Society India and Beyond Part-I) Chapter 12 Understanding Markets

12

CHAPTER
Understanding
Markets
Prosperity emanates from the market that develops when
people need goods and services that they can’t create
themselves.
– Adam Smith, 18th century economist

1. What are markets and how
The Big do they function?
Questions 2. What is the role of markets
in people’s lives?
3. What role does the
government play in markets?
4. How can consumers assess
the quality of goods and
services they purchase?

In the picture on the following page you will see people buying
and selling goods — vegetables, fruits, clothes, groceries, mobile
phones, refrigerators, and so on. These goods result from
various types of economic activities — primary, secondary, and
tertiary — that you studied in Grade 6. But how do these goods
reach us?
12 – Understanding Markets
Economic Life Around Us

Fig. 12.1

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