Give four differences between a mall and a neighbourhood shop.
Important Points to Remember in Chapter -1 - Markets Around Us from Vipul Singh New Longman Vistas Solutions
1. Weekly Market:
(i) Weekly markets are held, on a certain day of the week, where traders do not have permanent shops.
(ii) The price of goods at the weekly market is cheaper because the seller does not have to pay rent of the shops, electricity bills, helper’s wage, etc.
(iii) In weekly markets there is more than one seller selling the same products which means there is steep competition among them.
(iv) One of the benefits of the weekly market is that all things of need are available in one place.
2. Shops in the Neighbourhood:
(i) Shops that sell goods and services near to our house are called neighbourhood shops.
(ii) Neighbourhood shops are either permanent or temporary and consist of hawkers and vendors.
(iii) In neighbourhood shops, sellers and buyers usually know each other and due to this recognition, the seller gives goods to the buyer on credit.
3. Shopping Complexes and Malls:
(i) Shopping complexes and malls are generally situated in an urban area. They are air-conditioned buildings with multi-storeyed shops.
(ii) The products sold in this market are generally branded and non-branded.
4. Chain of Markets:
(i) We do not buy goods directly from producers or manufacturers.
(ii) The middleman buys products from the producer and sells them to the buyer. These middlemen are known as traders. These trades again trade with other traders.
(iii) Goods first reach the wholesale market and then it is supplied to retailers.
(iv) The trader who finally sells the product to the buyer is known as a retailer, through this chain, the market goods produced in the manufacturing industry reach all over the country.
5. Markets Everywhere:
(i) Market everywhere means that one does not need to go to market physically to buy things.
(ii) Nowadays one can place orders for a variety of things through the online mode of purchasing. The goods get delivered to the chosen location.
(iii) Buyers do not need to go to the shop and meet the seller for buying things.
6. Markets and Equality:
(i) There is a huge difference between the shop owners in a shopping complex and those in a weekly market.
(ii) The shop owners in a weekly market are small traders with little money to run their businesses but the owners of shopping complexes or malls are big businessmen, who invest a lot of money.
