Before taking the test

• —Know the definition of a market: any arrangement where buying and selling takes place, including physical and non-physical markets
• —Compare three types of markets: Weekly markets (temporary, cheap, bargaining), Neighbourhood shops (permanent, credit, higher prices), Malls (branded, fixed prices, no bargaining)
• —Master the chain of markets: Producers → Wholesale Traders → Retailers → Consumers; prices increase at each stage
• —Understand why goods are cheaper in weekly markets (no rent, electricity, or wages) and costlier in neighbourhood shops (rent and other expenses)
• —Know the role of wholesale traders: buy in bulk from producers, sell to retailers, located in cities
• —Remember that markets exist everywhere: online shopping, phone orders, door-to-door sales, and catalogues
• —Understand markets and inequality: small traders earn less than big shop owners; poor people cannot afford malls
• —Know about bargaining: common in weekly markets, not in malls; can sometimes be unfair to desperate sellers
• —Understand credit facility: available in neighbourhood shops because shopkeeper knows regular customers
• —Be able to explain the journey of a product (e.g., vegetables or a shirt) through the entire chain of markets with price increases at each stage