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Question
Class 7Social ScienceUnderstanding Markets

What is the role of markets in people's lives?

Verified Answer

Markets connect producers (farmers, artisans) with consumers who need goods and services.

  • They help people get things they cannot make themselves, like clothes, food, or electronics.
  • Markets build trust and relationships; for example, families often rely on local sellers they know.

· Markets encourage innovation by responding to what consumers want, improving products over time.