Understanding Markets — Practice Quiz
CBSE · Class 7 · Social Science
Try a 4-question quiz on Understanding Markets for CBSE Class 7 Social Science: tap an answer to check it and see why.
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Quick Quiz: Understanding Markets
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What is a market?
The famous Hampi Bazaar was located in which state?
What happens when a seller fixes the price of goods very high?
What does 'export' mean?
Sample Questions
Which of the following are essential features of a market?
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Buyer, Seller, Price agreement
Every market requires a buyer, a seller, and an agreed price for the transaction to take place. Government officials and large buildings are not essential features of all markets.
Which of the following are types of markets based on location?
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Physical markets, Online markets, Domestic markets, International markets
Markets can be classified based on location as physical (in-person) vs online (virtual), and domestic (within country) vs international (across borders).
Who buys goods in large quantities from producers?
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Wholesalers
Wholesalers buy goods in large quantities from producers/manufacturers and then sell them to retailers, who in turn sell to final consumers in smaller quantities.
Cold storage facilities are used for:
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Preserving perishable goods
Cold storage facilities maintain low temperatures to preserve perishable goods like vegetables, fruits, dairy products, etc., preventing them from spoiling.
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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