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    social studies

                                                                          Understanding

                                    12                                             Markets

                                               computational thinking quest

                    Tick ( ) the correct option.                          4.  Which pattern can be identified in the
                    AbsTrAcT Thinking                                        evolution of markets?
                      1.  Which inference best explains why price in a
                         market stabilises over time?                               (a)  Shift from physical to completely
                                                                                       barter systems.
                                (a)  Sellers always reduce prices after             (b)  Movement from localised physical
                                   losses.
                                (b)  Continuous interaction between                    markets to global digital platforms.
                                   demand and supply leads to a                     (c)  Decrease in consumer choice over
                                   mutually acceptable price.                          time.
                                (c)  Government fixes prices                        (d)  Elimination of intermediaries
                                   permanently.                                        completely.
                                (d)  Buyers always agree to seller’s
                                   price.                                 5.  Observe the picture and identify the most
                      2.  Which abstract conclusion best explains the        appropriate interpretation of the interaction.
                         role of wholesalers?

                                (a)  They reduce production cost.

                                (b)  They bridge the gap between
                                   producers and retailers by
                                   handling bulk goods.
                                (c)  They directly sell to consumers.

                                (d)  They fix market prices.

                    PATTern recogniTion
                      3.  Identify the pattern observed when prices                 (a)  Fixed pricing system with no
                         are set too high in markets.                                  discussion
                                                                                    (b)  Negotiation process between
                                (a)  Demand increases rapidly.
                                                                                       buyer and seller to reach a
                                (b)  Buyers withdraw and search for                    mutually acceptable price
                                   alternatives.                                    (c)  Government-controlled
                                (c)  Supply automatically decreases.
                                                                                       transaction
                                (d)  Government intervenes
                                   immediately.                                     (d)  Online purchase being delivered

                                                                                           Understanding Markets      117

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