Given below are two statements:
Statement I: When a family buys its bananas at the fruit market, the word 'market' is used in the sense of the demand for a product.
Statement II: In common everyday usage, the word 'market' may refer to particular markets, such as the wholesale market.
In the light of the above statements, choose the most appropriate answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Statement I is incorrect but Statement II is correct
Statement I: When a family buys its bananas at the fruit market, the word 'market' is used in the sense of the demand for a product. — Incorrect. Buying bananas at the fruit market uses 'market' for a particular place where things are bought and sold. The demand sense is different: it means the demand for a product or service, such as the market for computer professionals.
Statement II: In common everyday usage, the word 'market' may refer to particular markets, such as the wholesale market. — Correct. In common everyday usage, 'market' can mean a particular market we know of, such as the fruit market or the wholesale market.
NCERT (2026-27): “We usually think of markets as places where things are bought and sold. In this common everyday usage, the word ‘market’ may refer to particular markets that we may know of, such as the market next to the railway station, the fruit market, or the wholesale market. Sometimes we refer not to the physical place, but to the gathering of people – buyers and sellers – who constitute the market. Thus, for example, a weekly vegetable market may be found in different places on different days of the week in neighbouring villages or urban neighbourhoods. In yet another sense, ‘market’ refers to an area or category of trade or business, such as the market for cars or the market for readymade clothes. A related sense refers to the demand for a particular product or service, such as the market for computer professionals.” |