The correct answer is Option (1) → (A) and (B) only
(A) and (B) are the non-economic characters of the market. They represent aspects beyond mere buying and selling transactions and involve social dynamics:
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(A) Symbol of inter-group social relations: This refers to how markets serve as spaces where different social groups interact, exchange goods, and establish relationships beyond economic transactions. Markets often reflect social hierarchies, cultural norms, and community ties.
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(B) Expression of hierarchy and social distance: This highlights how markets can reinforce existing social hierarchies and create distinctions between different social groups based on factors such as wealth, status, and power. The way people interact in markets can reflect social inequalities and divisions within society.
(C) and (D) are more directly related to economic activities:
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(C) Buying and selling of forest products: This represents a specific economic activity involving the exchange of goods (forest products) within the market. While it may have social and environmental implications, it primarily pertains to economic transactions.
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(D) Indigenous banking system of 'hundi': This also pertains to economic activities within the market, involving financial transactions through an informal banking system. While hundi systems may have cultural or historical significance, they primarily serve economic functions.
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