Markets
Question 1: What are markets?
Answer:
Markets are places where people can buy and sell goods and services. They provide a way for buyers and sellers to interact and exchange value, which can help to promote economic growth and efficiency.
Question 2: How do markets promote economic growth?
Answer:
Markets promote economic growth by allowing people to buy and sell goods and services, which helps to create jobs and generate income. This, in turn, can lead to increased spending and investment, boosting economic activity and growth.
Question 3: What is inequality in markets?
Answer:
Inequality in markets refers to the unequal access to or ability to participate in markets by certain individuals or groups. This can prevent them from being able to access the economic benefits of markets, leading to unequal opportunities and outcomes.
Question 4: Why is inequality in markets a concern?
Answer:
Inequality in markets is a concern because it can limit individuals’ ability to build wealth and achieve financial security. It can also create barriers to economic growth and stability, as some groups may not have the same opportunities to participate and succeed in the market.
Question 5: How can governments promote equality in markets?
Answer:
Governments can promote equality in markets through the implementation of policies and programs that aim to increase access and inclusion. This can include measures such as financial education and support, affordable housing initiatives, and anti-discrimination laws.
NCERT Class7- Social Science Chapter 7 Markets Around Us
Markets play an important role in the economy by allowing people to buy and sell goods and services. They provide a way for buyers and sellers to interact and exchange value, which can help to promote economic growth and efficiency. However, not all people have equal access to markets or the ability to participate in them, which can lead to inequality.