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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