Samacheer Kalvi 7th Social Science Civics Solutions Term 3 Chapter 2 Market and Consumer Protection

Students can Download Social Science Civics Chapter 2 Market and Consumer Protection Questions and Answers, Notes Pdf, Samacheer Kalvi 7th Social Science Book Solutions Guide Pdf helps you to revise the complete Tamilnadu State Board New Syllabus and score more marks in your examinations

Tamilnadu Samacheer Kalvi 7th Social Science Civics Solutions Term 3 Chapter 2 Market and Consumer Protection

Samacheer Kalvi 7th Social Science Market and Consumer Protection Textual Evaluation

I. Choose the correct answer:

Question 1.
In which case a consumer cannot complain against the manufacturer for a defective product?
(a) Date of expiry unspecified
(b) Price of the commodity
(c) Batch number of the commodity
(d) Address of the manufacturer
Answer:
(c) Batch number of the commodity

Question 2.
Consumer’s face various problems from the producer’s end due to
(a) Unfair trade practices
(b) Wide range of goods
(c) Standard quality goods
(d) Volume of production
Answer:
(a) Unfair trade practices

Question 3.
Consumers must be provided with adequate information about a product to make
(a) Investment in production
(b) Decision in sale of goods
(c) Credit purchase of goods
(d) Decision in purchase of goods
Answer:
(d) Decision in purchase of goods

Question 4.
The system of consumer courts at the national, state, and district levels, looking into consumers grievances against unfair trade practices of businessmen and providing necessary compensation, is called
(a) Three tier system
(b) One tier system
(c) Two tier system
(d) Four tier system
Answer:
(a) Three tier system

Question 5.
Mixing other extraneous material of inferior quality with a superior quality material is called
(a) Purification
(b) Adulteration
(c) Refinement
(d) Alteration
Answer:
(b) Adulteration

II. Fill in the blanks

1. A set up where two or more parties engage in __________ of goods, service, and information is called a market.
2. In regulated markets, there is some oversight by appropriate __________ authorities.
3.  __________ refers to a market structure in which there is a single producer or seller that has control over the entire market.
4.  __________ statue is regarded as the ‘Magna Carta in the field of consumer protection for checking unfair trade practices.

Answer:

1. exchange
2. Government
3. Monopoly
4. COPRA

III. Match the following

The Consumer Protection Act	–	1955
The Legal Metrology Act	–	1986
The Bureau of Indian Standards Act	–	2009
The Essential Commodities Act	–	1986

Answer:

The Consumer Protection Act	–	1986
The Legal Metrology Act	–	2009
The Bureau of Indian Standards Act	–	1986
The Essential Commodities Act	–	1955

IV. Consider the following statements:

Question 1.
Tick the appropriate answer:
Assertion: In local Markets, the buyers and sellers are limited to the local region or are
Reason: A market is not restricted to one physical or geographical location.
(a) Both, A and R, are true and R is the correct explanation of A
(b) Both, A and R, are true but R is not the correct explanation of A
(c) If A is true but R is false
(d) If A is false but R is true
Answer:
(b) Both, A and R, are true but R is not the correct explanation of A

V. Answer the following questions

Question 1.
What is the market?
Answer:
A setup where two or more parties engaged in an exchange of goods, services, and information is called a market.

Question 2.
Describe consumer protection.
Answer:
Consumer protection is a group of laws enacted to protect the rights of consumers, fair trade, competition, and accurate information in the marketplace.

Question 3.
List out the rights of consumers.
Answer:
The Eight Basic Consumer Rights:

1. The Right to Basic Needs.
2. The Right to Safety.
3. The Right to Information.
4. The Right to Choose.
5. The Right to Representation.
6. The Right to Redress.
7. The Right to Consumer Education.
8. The Right to a Healthy Environment.

Question 4.
Discuss the role of consumer courts.
Answer:
Consumer courts in India:

1. National Consumer Disputes Redressal Commission (NCDRC): A national level court works for the whole country and deals compensation claimed exceeds rupees one core. The National Commission is the Apex body of Consumer Courts; it is also the highest appellate court in the hierarchy. The commission is headed by a sitting or retired judge of the Supreme Court of India.
2. State Consumer Disputes Redressal Commission (SCDRC): A state-level cour works at the state level with cases where compensation claimed is above 20 lakhs but up to one core.
3. District Consumer Disputes Redressal Forum (DCDRF): A district-level court works at the district level with cases where the compensation claimed is up to 20 lakhs.

Question 5.
Write about the types of markets and their functions.
Answer:
On the Basis of Geographic Location:

1. Local Markets: In such a market the buyers and sellers are limited to the local region or area.
2. Regional Markets: These markets cover a wider are than local markets like a district, or a cluster of few smaller states
3. National Market: This is when the demand for the goods is limited to one specific country. Or the government may not allow the trade of such goods outside national boundaries.
4. International Market: When the demand for the product is international and the goods are also traded internationally in bulk quantities, we call it an international market.

On the Basis of Time:

1. Very Short Period Market: This is when the supply of the goods is fixed, and so it cannot be changed instantaneously. For example the market for flowers, vegetables. Fruits etc.
2. Short Period Market: The market is slightly longer than the previous one. Here the supply can be slightly adjusted. Example: The demand of fish, milk or egg,
3. Long Period Market: Here the supply can be changed easily by scaling production. So it can change according to the demand of the market.

On the Basis of Nature of Transaction

1. Spot Market: This is where spot transactions occur, that is the money is paid immediately. There is no system of credit.
2. Future Market: This is where the transactions are credit transactions. There is a promise to pay the consideration sometime in the future.

On the Basis of Regulation:

1. Regulated Market: In such a market there is some oversight by appropriate government authorities. For example, the stock market is a highly regulated market.
2. Unregulated Market: This is an absolutely free market. There is no oversight or regulation, the market forces decide everything.

On the basis of Nature of competition:

1. Monopoly: Monopoly refers to a market structure in which there is a single producer or seller that has control over the entire market. This single seller deals in products that have no close substitutes.
2. Monopolistic Competition: Monopolistic competition refers to a market situation in which there are a large number of buyers and sellers of products.

Samacheer Kalvi 7th Social Science Market and Consumer Protection Additional Questions

I. Choose the correct answer:

Question 1.
There are _________ classifications of markets.
(a) 5
(b) 2
(c) 3
(d) 4
Answer:
(b) 2

Question 2.
_________ market is where the transactions are credit transactions.
(a) National
(b) Spot
(c) Future
(d) Monopoly
Answer:
(c) Future

Question 3.
_________ has widened the definition of ‘Consumer’
(a) The Consumer Protection Act 1986
(b) National Consumer Disputes Redressal Commission
(c) District Forum
(d) The Consumer protection Act of 2019
Answer:
(d) The Consumer protection Act of 2019

Question 4.
The CCPA may impose a penalty of up to INR _________ on a manufacturer or an endorser, for a false or misleading advertisement.
(a) 1,000,000
(b) 1,00,00,000
(c) 50,000
(d) 10,000,000
Answer:
(a) 1,000,000

Question 5.
The NCDRC is headed by _________
(a) Chief justice of the supreme court of India
(b) One of the judges of the high court
(c) Sitting or retired judge of the supreme court of India
(d) Attorney General
Answer:
(c) Sitting or retired judge of the supreme court of India

II. Fill in the blanks:

1. There has to more than one buyer or seller for the market to be _________
2. In a _________ market, the supply can be changed easily by scaling production.
3. In a _________ market, there is no system of credit.
4. The stock market is a highly _________ market.
5. The term monopolistic competition was given by _________

Answer:

1. Competitive
2. Long-period
3. spot
4. regulated
5. Prof Edward H. Chamberlin

III. Match the following:

Unfair Trade practices	–	a) Few
Oligoi	–	b) Quasi-judicial commission
E-commerce	–	c) False representation
NCDRC	–	d) Teleshopping

Answer:

1. c
2. a
3. d
4. b

IV. Consider the following statements: Tick the appropriate answer.

Question 1.
Tick the appropriate answer:
Assertion (A) : Hoardings goods is an unfair Trade practice.
Reason (R) : It has the intention of raising the cost of these or similar goods.
(a) Both, A and R, are true and R is the correct explanation of A
(b) Both, A and R, are true but R is not the correct explanation of A
(c) If A is true but R is false
(d) If A is false but R is true
Answer:
(a) Both, A and R, are true and R is the correct explanation of A

V. Answer in one or two sentences.

Question 1.
Who are the two parties involved in a transaction?
Answer:
The two parties involved in a transaction are called seller and buyer. The seller sells goods and services to the buyer in exchange for money.

Question 2.
Who is a consumer?
Answer:
A Consumer is a person who purchases a product or avails a service for a consideration, either for his personal use or to earn his livelihood by means of self-employment.

Question 3.
What is unfair trade practice?
Answer:
An “unfair trade practice” means a trade practice, which, for the purpose of promoting any sale, use or supply of any goods or services, adopts any unfair method, or unfair or deceptive practice.

Question 4.
Give a few examples of unfair trade practices.
Answer:

1. False representation
2. When goods and services are not of stated standard, quality, or grade
3. When second hand, renovated goods are sold as new ones
4. When goods and services do not have the claimed use, usefulness, or benefit
5. When products/services do not have the claimed warranty/guarantee
6. When the price of a product or service is misleading.
7. False and misleading advertisement for selling at a bargain price.

Question 5.
Why are consumer protection controls established?
Answer:
Consumer Protection Councils are established at the national, state, and district levels to increase consumer awareness.

Question 6.
Write a short note on E-commerce Transaction.
Answer:
The New Act has widened the definition of the consumer’. The definition now includes any person who buys any goods, whether through offline or online transactions, electronic means, teleshopping, direct selling, or multi-level marketing.

Question 7.
How can consumers e-file complaints?
Answer:
The New Act contains enabling provisions for consumers to file complaints electronically and for hearing and/or examining parties through video-conferencing.

Question 8.
Name the important Acts passed for consumer protection.
Answer:

1. The Consumer Protection Act, 1986. (ii) The Legal Metrology Act, 2009.
2. The Bureau of Indian Standards Act, 1986.
3. The Essential Commodities Act, 1955.
4. The prevention of Black Marketing and the maintenance of supplies of essential.
5. Commodities Act, 1980.

VI. Answer in Detail

Question 1.
Explain the features of a market.
Answer:

1. A market is also not restricted to one physical or geographical location. It covers a general wide area and the demand and supply forces of the region.
2. There must be a group of buyers and sellers of the commodity to constitute a market. And the relations between these sellers and buyers must be business relations.
3. Both the sellers and buyers must have access to knowledge about the market. There should be an awareness of the demand for products, consumer choices, and preferences, fashion trends, etc.
4. At any given time only one price can be prevalent in the market for the goods and services. This is only possible in the existence of perfect competition.