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chapter 20 markeTS aroUND US Markets Around Us
marKeT
By market, we usually mean a market place that is a place where the
buyers and sellers meet and conduct buying and selling activities.
In fact, it is an occasion when people buy and sell goods or services.
It may be an open area or building where they meet to do this.
aDvanTaGes of marKeTs Market
• Competition between different firms leads to increased efficiency, as firms do whatever is
necessary including laying off workers – to lower their costs.
• There is more innovation as firms look for new products to sell and cheaper ways to do their work.
• Most people work harder.
• Many people quickly acquire the technical and social skills and knowledge needed to
function in this new economy.
• The size, power and cost of the state bureaucracy is correspondingly reduced as various activities
that are usually associated with the public sector are taken over by private enterprises.
• Foreign investment is attracted as ward gets out about the new opportunities for earning profit.
• A great variety of consumer goods become available for those who have the money to buy them.
• The forces of production or at least those involved in making those things people with
money at home or abroad want to buy undergo rapid development.
• Large parts of the society take on a bright, merry and colourful air as every one buries
himself trying to sell something to someone else.
access To marKeT
People’s access to markets depends upon various factors. They are as under :
1. Availability of Products : A market fulfils the needs of consumers. If different goods of
their daily use like soap, toothpaste, milk, butter, cold drink, vegetables, groceries, etc.
are available in a particular market, they would like to go to such a market. If there is
a chemist shop, tailor shop, doctor’s clinic, a sweet seller’s shop, post-office, it will be
an added attraction, therefore the importance of markets depends on the availability of
products on a fair price.
2. Convenience : The market in nearby area make it accessible especially for the consumers.
This is because, they can go there at their convenience. In contrast, if the market is away
from their houses, they can avoid to go there.
3. Credit : There should be availability of loans to purchase goods. This induces the consumer
to purchase the goods and make the market accessible to them.
4. Quality of Products : The goods sold are sometimes of inferior quality, but customers prefer
to buy things of good quality and genuine products. If the market maintains the quality
120 Social Studies-7
