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Gist of NCERT - Social & Polity - Definitions - Part 3

Product: This refers to a thing or service that has been made for being sold in the market.

Consumer: This refers to the person for whom the goods or products have been made and who pays money to buy and use them.

Brand: This refers to a special identification or name that is associated with a product. Such identification is created through the process of advertising.

To influence: This refers to the power to change what someone believes or does.

Lifestyle: Refers to people’s lives being identified by the products they own, the clothes they wear, the places they eat in, etc.

Weekly market: These markets are not daily markets but are to be found at a particular place on one or maybe two days of the week. These markets most often sell everything that a household needs ranging from vegetables to clothes to utensils.

Wholesale: This refers to buying and selling in large quantities. Most products, including vegetables, fruits and flowers have special wholesale markets.

Chain of markets: A series of markets that are connected like links in a chain because products pass from one market to another.

Ginning mill: A factory where seeds are removed from cotton bolls. The cotton is pressed into bales to be sent for spinning into thread.

Exporter: A person who sells goods abroad.

Profit: The amount that is left or gained from earnings after deducting all the costs. If the costs are more than the earnings, it would lead to a loss.



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