Study Chapter Details
NCERT Class 7 Social Science Chapter – Understanding Markets
The NCERT Class 7 Social Science Chapter “Understanding Markets” explains how markets function and the role of buyers and sellers in an economy. Students learn about demand, supply, pricing, and competition, as well as the different types of markets in India, including local, regional, and national markets.
This chapter helps learners understand how goods and services are exchanged, how prices are determined, and the importance of market efficiency and fairness. It also introduces the concept of government intervention, regulation, and consumer protection in ensuring smooth market operations. This knowledge lays a foundation for economic literacy and real-world financial understanding.
