Answer the following questions about trade and markets: multiple choice, short answer.

Here are the answers to your questions:

1. Choose the correct answer:

• (a) Customer purchase goods from
  • 2. Retailer
• (b) If the selling price is higher than the cost price the trader earns
  • 1. profit
• (c) Traders selling goods from house to house are called.
  • 3. hawkers/vendor
• (d) The sole aim of all traders in buying and selling goods is to -
  • 2. earn profit

2. Write short answer:

• (a) What is barter system? The barter system is a method of exchange where goods or services are directly traded for other goods or services without the use of money.
• (b) What is meant by market? A market is a place or system where buyers and sellers interact to exchange goods, services, or information, determining prices through supply and demand.
• (c) What are the advantages of daily market? Daily markets offer convenience due to their regular operation, provide fresh produce and a wide variety of goods for everyday needs, and allow shoppers to choose from multiple vendors.
• (d) What is meant by price of goods? The price of goods refers to the monetary value at which a product or service is exchanged between a buyer and a seller in a transaction.
• (e) Why is the price of goods in weekly market less/cheaper? Prices in weekly markets are often lower because vendors have fewer overhead costs (like rent or permanent staff), goods are often sold directly by producers, and intense competition among many sellers drives prices down.
• (f) Why is Jonbeel mela famous for? The Jonbeel Mela is famous for its unique barter system of trade, where various tribal communities exchange goods directly without money. It is also known for the presence of the Tiwa royal family.