VII.Chapter 23.Markets Around Us.

Chapter 23

 Markets Around Us In our day to day life, we require the services of a market.  Commonly, market is a place having shops selling vegetables, clothes, stationery, etc.  In exact term, the market can be defined as a place where buyers and sellers engage in the activity of sale and purchase of goods.  The buyer and seller can meet in a shop or a mall and the buyer can pay for the goods or services through cash or credit card or any other mode.  Types of Markets There are two main types of markets - wholesale markets and retail markets.  A buyer can save a lot of money by buying directly from a wholesale market as the wholesaler buys directly from the producers or the manufacturers.  But they do not sell in small quantities.  They only sell in bulk.  The retailer sells the goods in smaller quantities / numbers but at a higher price, as he / she buys from the wholesaler and adds the cost of transportation, investment of money, time, storage charges and profit on the price of goods.  If the payment is not made right away and goods are bought on credit, then the retailer further increases his margin.  Every city has a wholesale market from where the goods are supplied to the retailers.  Hence, there is a difference in the price of goods between the wholesale market and the retail market.  The more people involved in the chain means additions in the cost of a commodity at every level.  They all have to make profit at every level to pay for their investment, manpower, premises, storing facility, etc.  The price of goods in a market is determined by the factors like demand by the buyers / consumers, supply by the farmers / manufacturers, etc.  The demand for a good is defined as an amount of commodity for which people are willing to pay and buy.  Supply of a good is the quantity that the suppliers are willing to put in the market.  When the Do You Know?  The price of a good rises, the supply also rises.  When the price goes down, the supply also goes down!  Buying and selling also take place without during the British period the farmers were forced to go to the marketplace through tele grow cotton, as the British industries required huge marketing and internet.  amount of cotton as raw material.  The cotton cloth 191

Do you know?  The changeover from improved raw material to finished products has generated more jobs for the unskilled, semi-skilled and professionally trained experts.  was then imported from Britain and sold all over India.  This was a fatal blow to Indian weavers that destroyed the Indian cotton industry.  After independence, Indian market has come a long way.  Our policies were aimed at reviving our traditional crafts, setting - up of and safeguarding Indian industries.  Hence, in place of cotton as a raw material, the export of cotton cloth was encouraged.  Currently, India is exporting garments all over the world.  Our fashion industry is also attracting buyers by organizing fashion shows in India and abroad.  Buyers are coming to India even from Paris and Milan, the fashion capitals of the world!  Besides the retail and wholesale markets, many markets are also set - up on specific days of the week in different parts of many cities / towns.  They are known as weekly markets (Phadi or Patan bazars).  The shopkeepers set - up shops on the roadside or in an open space for the day and then close them at night.  The goods are cheaper here as no carefully is incurred on involving permanent shops like rent, electricity, etc.  People go to such markets as most things of daily use are available at one place and they do not have to go to different places to buy what they need.  Moreover, the customers are free to bargain!  Weekly market (Patari bazaar) 192

Do you know?  Marketing is different from advertising Advertising persuades the customer to buy but marketing is systematic planning to bring the buyer and seller close for buying and selling markets keep changing all the time.  The wholesale market is giving way to retail Giants like the Reliance Fresh, Big Bazaar, Shopper's Stop, Vishal Mega Mart, etc.  They run chain stores in different cities.  They have gained popularity as they buy directly from the producers / manufactures and sell to the consumer at reasonable price in a comfortable atmosphere.  Most people prefer shops in the neighborhood for their day - to - day requirements, as they can visit them at any time.  Moreover, the customer and the shopkeeper know each other well and the goods are also available on credit.  So, the payment can be made at a later date as per the A retail shop a convenience of the customer.  ta MARKETS AND DEMOCRACY As you know there are different types of markets like retail stores, malls, wholesale shops or weekly markets.  They are owned by different people.  On one hand, we have the shopkeeper who sets up his shop in different areas on specific days of the week.  He stores his good home and transports and sells them himself or with the assistance of the members of his family.  On the other hand, we have a chain store, whose owner spends a lot of money on decorating, carrying and stocking it.  Both shopkeepers spend and earn unequal amounts of money.  Like, there are differences in the buying power of customers.  One buyer may be able to afford only cheap goods from a weekly market whereas another may buy branded items from top stores.  The selling as well as buying depends on money.  Moreover, the goods are brought to the customer after passing a chain of markets.  This chain helps in improving goods produced in different areas, to reach the customers everywhere.  The sale of goods increases production, that in turn, also provides new earning opportunities for more people.  But everyone does not get equal benefit of these opportunities in the markets.  193

Do you know?  There are two types of markets in an economy 1. Commodity Market: Weekly Market and Branded Market 2. Factor Market: Land, Labor Capital and Entrepreneur / Enterprise / Organiser.  The effort of the Indian Government is to reduce inequalities in them.  LGH Markets also determine the wages.  A job where there are many willing workers (high supply but only a small number of positions (low demand) will result in a low wage for that job. Competition among workers tends to lower the wage. If any one worker demands a higher wage,  The employer car remove him and simply hire another at a low wage. Hence, we see that markets create economic inequality, which means inequality of economic asset and incomes among individuals and groups within a society. The term is also related inequality o opportunity. A  democratic government is committed to protect the interests of all sections of the societ else equality will be meaningless for them. Our government has taken many steps t protect the interests of the people. The government has fixed minimum wages so that the workers are able to fulfill  their basic needs, besides opening employment exchanges to registe names of unemployed candidates who desire employment. The government ensures the distribution of rice, wheat, s  ugar and kerosene at a reasonable 194

rate for the poor under the Public Distribution System (PDS).  The government also announces the support price for the crops (Minimum Support Price) to safeguard the interest of the farmers and save them from the exploitation by the moneylenders, village touts, wholesalers and retail giants.  The government also provides electricity, irrigational facilities, technical assistance, loan and insurance facilities at subsidized rates.  Do you know?  PDS has been made more transparent by digitization on of ration card, supply chain management, toll free helpline, etc.  A democratic government must provide opportunities to ensure equitable distribution of goods, services as well as sufficient income for all to eradicate inequalities in the society.  Do you know?  ebay in Online shopping is catching up in India at a very fast rate.  JABONG flipkart deplor golia amazon yabhama infibeam AL Tc.com SHOP redito Snapdeal 10 SAITES STOP TIRES VAZOVI FASHION Online shopping lapang Keywords .. customer: one who buys something.  employment: work which enable a person to earn a living.  exploitation to treat others in a manner to get maximum benefit for oneself.  exporter: a person who sells goods to other countries.  wages: payment in lieu of work done on daily, weekly or monthly basis.  .  195

Page 112

Vaishnavism  was the main religion of the people also.  There was a well - organized revenue Bahamani dynasty ruled for about 175 years under 18 rulers.  Firoz Shah Bahamani was the most famous ruler, who ruled from 1397 CE to 1422 CE.  He was a very learned man.  He was a good system and land revenue was the main source of state income along with custom duty, grazing ta marriage tax, etc.  The motto of Vijaynagar kings was, 'Protect the good and punish the wicked society and culture the society was mainly divided into three classes - the nobles and high officials, big traders are the middle class, and the commoners.  Society was governed by the Varna System.  Brahmins enjoyed a respectable position.  The womer were respected in the society.  They were educated and well - versed in Sanskrit and local languages ​​They were also given training in dance and music.  Polygamy existed among the rich but the common people had only one wife.  Sati system and child - marriage were also prevalent.  There were devdasis in the temples for performing pooja.  Education was mainly imparted in temples and mathas, which were given grants by the King Sayana was a great scholar of Sanskrit who wrote commentaries on Vedas.  Mahanavmi festival was celebrated with great joy and enthusiasm.  Hindus dominated the population but people of other religions also lived in peace and harmony.  Art and Architecture Vijaynagar had many beautiful palaces and temples.  Vithalswami and Virupaksha are the most famous temples.  It is said that the city was surrounded by seven walls.  Large pillared halls known as Kalyan Mandap and very high gateways (Gopuram) are some of the salient features of these temples.  Life - size statues of kings and queens are the finest examples of the art of sculptures.  Sanskrit, Telugu, Tamil and Kannada languages ​​and their literature is the valuable contribution of this period.  Virupaksha temple at Vijaynagar

BAHAMANI KINGDOM in 1347 CE, Hasan Gangu, an officer of Muhammad - bin - Tughlaq, assumed the title of Alauddin Hasan Bahman Shah and established a Bahmani kingdom.  He divided his kingdom into four tarafs (provinces) - Gulbarga, Daulatabad, Berar and Bidar.  calligraphist and composed verses in Arabic, Persian, Marathi, Telugu and Kannada.  112

with the inspiration of their Guru Vidyaranya, they established an independent Hindu state of Vidyanagar or Vijaynagar on the banks of the River Tungabhadra.  It is now called Humpi.  Both the brothers dominated the whole of Hoyasala territories with the assistance of their three brothers,

VIJAYNAGAR EMPIRE Vijaynagar Kingdom was founded by the two sons of Sangam, Harihar and Bukka.  In 1336 CE, Do You Know?  Krishnadevaraya used to dress up as common man and roam around his kingdom at night to know the problems of his subjects.  Tenali Ram, whose stories children love to read and listen, was the Chief Minister of Krishnadevaraya.  Bukka succeeded his brother Harihar in 1356 CE.  He ruled up to 1377 CE.  During this period, he expanded his hold further.  Devaraya - I and Devaraya - ll were the famous rulers of Vijaynagar empire.  Krishnadevaraya was the last famous ruler of Vijaynagar empire.  He belonged to Tuluv dynasty.  He was a great general and an able administrator.  His period is considered the best and the most prestigious period of Tuluv dynasty.  He had a group of eight celebrated intellectuals, known as Ashta Diggaj, the rulers of Vijaynagar were mostly involved in battles with Bahamani Kingdom.  They were militarily stronger than Bahamanis.  The main reason for the conflict was the domination on Raichur Doab, which was a very rich and fertile area.  Domingo Paes from Portugal, Abdur Razzaq from Persia and other foreign visitors have written a lot in praise of the administration and flourishing trade of Vijaynagar.  Administration The head of the state was the King.  He judged with the help of a Council which included eminent nobles appointed by him.  The King was the chief of administration, army and judiciary.  The Council could advise the king but the king was not bound to act upon it.  The coins of that period ending that the King followed Do You Know?  Vaishnavism.  The empire was divided into provinces for efficient administration of Vijayanagar Empire Rajyas