Q1
What is a retail market?
ASells goods directly to consumers in small quantities
BSells only to other businesses
CSells nothing to consumers
DOnly online sales
CBSEClass 7 (CBSE)Social ScienceCh 12 · Topic 2
Types of Markets
Markets can be classified in different ways, like by what is sold (goods or services), by size (wholesale or retail), or by competition leve
Core concept
Retail markets sell goods directly to consumers in small quantities, like a local shop, while wholesale markets sell goods in large quantities, often to retailers.
How it works
Markets can also be classified by competition - a competitive market has many buyers and sellers, while a monopoly market has only one seller controlling the market.
Why it matters
Specialised markets focus on specific goods, like a vegetable market or a jewellery market, while general markets sell a variety of different products.
Key detail
Understanding different types of markets helps us see how various economic exchanges happen and how prices and availability can differ based on market type.
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Quick notes
• Retail markets sell to consumers in small quantities.
• Wholesale markets sell in large quantities, often to retailers.
• A competitive market has many buyers and sellers.
• A monopoly market has only one seller.
• Specialised markets focus on specific goods, like vegetables.
• General markets sell a variety of products.
• Market type affects prices and availability.
• Understanding market types helps understand the economy.