StudyOSStudyOS CBSE Study Material, Class 5–12

The Market as a Social Institution

NCERT Class 12 · Sociology Based on NCERT Class 12 Sociology textbook · Free CBSE study kit

Everything you need to ace this chapter, in one place.
Notes · Mind Map · Quiz · Assertion-Reason · Case Studies · Question Bank · Past Papers

Get Full Study Kit →
Studying with friends? Send them this chapter.

Chapter Notes

Overview
This chapter challenges the conventional economic view of markets as purely economic mechanisms by demonstrating that markets are fundamentally social institutions, embedded in cultural, caste, kinship, and historical contexts. It explores sociological perspectives on markets, the social organization of traditional business communities, the impact of colonialism on Indian markets, the process of commodification, and the effects of globalization and liberalisation. The one big idea a student must walk away with is that markets are not neutral, self-regulating systems but are shaped by and reflect the social structures, inequalities, and power relations of the society in which they operate.
Key Concepts (15)
Market
A social institution where goods and services are bought and sold, but also a gathering of buyers and sellers, an area of trade, or the demand for a product; in a broad sense, it is almost equivalent to 'the economy'.
e.g. The weekly vegetable market in a village, the market for cars, or the demand for computer professionals.
Socially Embedded
The idea that economies are not separate from society but are constructed in culturally specific ways, controlled by particular social groups, and connected to other institutions, social processes, and structures.
e.g. The weekly tribal haat in Bastar is not just for economic exchange but also for social intercourse, meeting kin, and arranging marriages.
Political Economy
The early name for modern economics, used by thinkers like Adam Smith to understand the market economy emerging in the 18th century.
e.g. Adam Smith's book 'The Wealth of Nations' is a foundational text of political economy.
Adam Smith's 'Invisible Hand'
The concept that individual exchanges or transactions in a market economy automatically create a functioning and ordered system, even though no individual intended to create it.
e.g. A baker bakes bread for profit, but in doing so, he feeds the community without intending to.
Commodification / Commoditisation
The process by which things that were earlier not traded in the market become commodities that can be bought and sold.
e.g. Bottled water, which was once freely available, is now sold as a commodity; or the sale of human organs like kidneys.
Surplus Value
According to Marx, the profit extracted by capitalists by paying workers less than the value of what they actually produce.
e.g. A worker produces goods worth ₹1000 in a day but is paid only ₹300 as wages; the ₹700 is surplus value extracted by the capitalist.
Mode of Production
A concept by Karl Marx referring to the specific combination of forces of production (technology, labour) and relations of production (class relations) that characterize an economic system.
e.g. Capitalism is a mode of production where capitalists own the means of production and workers sell their labour power.
Status Symbol
A term coined by Max Weber to describe the relationship between the goods people buy and use and their social status; goods that convey socio-economic status or cultural preferences.
e.g. The brand of a cell phone or the model of a car one owns are status symbols among the Indian middle class.
Liberalisation
A range of policies including privatisation of public sector enterprises, loosening of government regulations on capital, labour, and trade, reduction in tariffs and import duties, and allowing easier access for foreign companies to set up industries in India.
e.g. The economic reforms of 1991 in India, which opened up the economy to foreign investment and reduced trade barriers.
Globalisation
The increasing interconnection of the world economically, culturally, and politically, including the increase in international movement of commodities, money, information, and people, and the development of technology to allow this movement.
e.g. India's software industry providing services to clients in the USA, or the global market for Indian yoga and ayurveda.
Hundi
A bill of exchange or credit note used in pre-colonial India, which allowed merchants to engage in long-distance trade, honoured within caste and kinship networks.
e.g. A Nakarattar merchant in one part of Tamil Nadu could issue a hundi that would be honoured by a Nakarattar merchant in another part.
Jajmani System
A non-market exchange system that existed in many villages and regions in pre-colonial India, where goods and services were exchanged based on traditional obligations rather than money.
e.g. A carpenter providing tools to a farmer in exchange for a share of the harvest, without direct monetary payment.
Support Prices
Prices at which the government agrees to buy agricultural commodities to ensure a minimum income for farmers, protecting them from market fluctuations.
e.g. The Minimum Support Price (MSP) for wheat in India, which guarantees farmers a certain price even if market prices fall.
Subsidies
Government payments that lower the cost of farming by paying part of the price charged for inputs such as fertilisers or diesel oil.
e.g. The government subsidy on urea fertilizer, making it cheaper for farmers to buy.
Marketisation
The use of markets or market-based processes (rather than government regulations or policies) to solve social, political, or economic problems.
e.g. Privatising a public sector bank instead of the government running it, with the belief that private management is more efficient.
How It Works
The Process of Commodification
  1. Step 1: Identify a thing, service, or process that was previously outside the market system (e.g., water, education, marriage arrangements).
  2. Step 2: Create a market for it by assigning a monetary value and making it available for exchange.
  3. Step 3: Integrate it into the capitalist economy, where it can be bought and sold like any other commodity.
  4. Step 4: Normalise the exchange so that it becomes a taken-for-granted part of everyday life (e.g., bottled water is now seen as normal).
💡 Commodification is not just about objects; it can apply to services, skills, human organs, and even cultural symbols. Students often forget that labour itself became a commodity under capitalism.
How Caste and Kinship Networks Support Business (Nakarattar Example)
  1. Step 1: Business is conducted primarily within the caste and kinship networks of a community.
  2. Step 2: Trust is built through shared social relationships based on business territory, residential location, descent, marriage, and common cult membership.
  3. Step 3: Instruments like the hundi (bill of exchange) are honoured because of this trust, not because of a central bank.
  4. Step 4: Reputation and reserve deposits shared among community members assure public confidence in individual businessmen as representatives of the caste as a whole.
  5. Step 5: This creates a caste-based banking system that allows for long-distance trade and accumulation of capital.
💡 The key point is that trust is social, not legal or institutional. Students often miss that the hundi system worked because of caste solidarity, not because of formal banking regulations.
The Transformation of the Indian Economy Under Colonialism
  1. Step 1: Pre-colonial India had a complex monetised economy with extensive trading networks and manufacturing centres.
  2. Step 2: Colonialism linked India more fully to the world capitalist economy.
  3. Step 3: India shifted from being a major supplier of manufactured goods to a source of raw materials and agricultural products, and a consumer of manufactured goods from England.
  4. Step 4: New groups (Europeans) entered trade, sometimes in alliance with existing merchant communities, sometimes forcing them out.
  5. Step 5: Some traditional communities (like Marwaris) adapted and improved their position by re-orienting themselves to new economic opportunities, transforming from small traders to merchant bankers to industrialists.
💡 Students often think colonialism completely destroyed traditional economic institutions. The chapter shows that some communities adapted and thrived, like the Marwaris. The change was not a complete overturning but a reorientation.
The Process of Globalisation and Market Integration
  1. Step 1: Liberalisation policies (privatisation, deregulation, tariff reduction) open up the Indian economy to foreign investment and trade.
  2. Step 2: International movement of commodities, money, information, and people increases.
  3. Step 3: Markets around the world become increasingly integrated, so changes in one part of the globe affect markets elsewhere.
  4. Step 4: New circuits of exchange are created, drawing in products, services, and cultural elements that were earlier outside the market system (e.g., yoga, ayurveda, tourism).
  5. Step 5: Local events (like the Pushkar camel fair) become commodities in the global tourism market, attracting foreign tourists and creating new economic and cultural exchanges.
💡 Globalisation is not just economic; it is also cultural and political. The Pushkar fair example shows how a local religious and economic event becomes a global tourist attraction, blending spirituality, commerce, and culture.
Exam Traps — Don't Make These Mistakes
⚠ Confusing 'Market' as a Physical Place vs. a Social Institution
✗ A market is just a place where people buy and sell things, like a vegetable market or a shopping mall.
→ This is only the common everyday usage. The sociological perspective sees the market as a social institution that is embedded in social structures, caste, kinship, and cultural norms, not just a physical location.
✓ A market is a social institution that is constructed in culturally specific ways, controlled by particular social groups, and connected to other institutions like caste, family, and the state. It is not merely a place of exchange but a site of social relations.
⚠ Thinking Adam Smith Believed Markets Are Completely Unregulated
✗ Adam Smith said that markets work best when there is no government interference at all, and the 'invisible hand' ensures everything works perfectly.
→ Smith argued that individual exchanges automatically create a functioning system, but he did not advocate for zero regulation. The 'invisible hand' is about unintended consequences of self-interest, not a call for anarchy. The chapter focuses on Smith's idea that the economy can be studied separately from society, which sociologists critique.
✓ Adam Smith argued that the market economy is made up of individual exchanges that automatically create a functioning and ordered system, even though no individual intended to create it. This is the 'invisible hand' concept. However, sociologists critique this view, arguing that markets are socially embedded and cannot be separated from their social context.
⚠ Equating Commodification with Just 'Buying and Selling'
✗ Commodification means buying and selling things in the market.
→ Commodification specifically refers to the process by which things that were NOT previously traded in the market become commodities. It is about the extension of the market into new spheres of life, not just any exchange.
✓ Commodification is the process by which things that were earlier not traded in the market become commodities. For example, bottled water, human organs, or marriage services were not commodities before but have now entered the market economy.
⚠ Confusing 'Liberalisation' with 'Globalisation'
✗ Liberalisation and globalisation are the same thing.
→ Liberalisation refers to specific policy changes (privatisation, deregulation, tariff reduction) that open up the economy. Globalisation is a broader process of increasing interconnection of the world economically, culturally, and politically. Liberalisation is a policy driver of globalisation, but they are not identical.
✓ Liberalisation is a set of policies including privatisation, deregulation, and reduction of trade barriers that opened up the Indian economy. Globalisation is the broader process of increasing international movement of commodities, money, information, and people, which has been accelerated by liberalisation.
⚠ Thinking Pre-Colonial India Had No Market Economy
✗ Before colonialism, India had a traditional, self-sufficient village economy with no money or markets.
→ Recent historical research shows that much of India's economy was already extensively monetised in the late pre-colonial period, with sophisticated trading networks, banking systems (like hundi), and manufacturing centres. The sharp line between 'traditional' and 'modern' is fuzzy.
✓ Pre-colonial India had a complex monetised economy with well-organised manufacturing centres, indigenous merchant groups, trading networks, and banking systems. The colonial period did not create markets from scratch but transformed existing ones, linking India more fully to the world capitalist economy.
Compare & Contrast
How they study markets
Sociological Perspective on Markets
Economic Perspective on Markets
Economics studies markets as a separate part of society operating according to its own laws, leaving out the larger social or political context. Sociology views markets as social institutions that are socially embedded, constructed in culturally specific ways, and connected to other social structures like caste, class, and kinship.
Nature of economic integration and trade
Pre-Colonial Indian Economy
Colonial Indian Economy
Pre-colonial India was a major supplier of manufactured goods to the world market, with extensive indigenous trading networks and a monetised economy. Under colonialism, India became a source of raw materials and agricultural products and a consumer of manufactured goods, largely for the benefit of industrialising England, and was more fully linked to the world capitalist economy.
Exam Focus
Marks pattern: Typically 2-3 MCQs (1 mark each), 1 Short Answer question (3 marks) on concepts like commodification or social embeddedness, and 1 Long Answer question (5-6 marks) on a comparative or analytical topic such as the impact of colonialism or the debate on liberalisation.
Most asked: Sociological vs. economic perspective on markets (social embeddedness) · Commodification/commoditisation with examples · Impact of colonialism on Indian markets and traditional business communities · Globalisation and liberalisation – meaning, features, and debate (market vs. state) · Marx's view of capitalism as a social system (commodity production, wage labour, surplus value) · Status symbols and consumption (Max Weber)
Don't skip: Long answer questions comparing sociological and economic perspectives on markets.; Questions on commodification with original examples (e.g., bottled water, education, marriage bureaus).; Analytical questions on the impact of liberalisation and globalisation on Indian farmers, small manufacturers, and employment.; Questions on the role of caste and kinship networks in traditional business communities (Nakarattars, Marwaris).
One-Line Revision (read aloud before the exam)
  1. Markets are social institutions, not just economic mechanisms; they are socially embedded in caste, kinship, and culture.
  2. Adam Smith's 'invisible hand' refers to the unintended creation of a functioning market system through individual self-interested exchanges.
  3. Sociologists critique the economic view that markets operate separately from society, arguing that economies are socially embedded.
  4. Commodification is the process by which things not previously traded in the market become commodities, such as bottled water or human organs.
  5. Karl Marx viewed capitalism as a system of commodity production using wage labour, where capitalists extract surplus value from workers.
  6. Max Weber coined the term 'status symbol' to describe how consumer goods convey socio-economic status and lifestyle.
  7. Pre-colonial India had a complex monetised economy with sophisticated trading networks and banking systems like the hundi.
  8. The Nakarattars of Tamil Nadu operated a caste-based banking system where trust was built through kinship and community networks.
  9. Colonialism transformed India from a manufacturer to a supplier of raw materials and a consumer of British manufactured goods.
  10. The Marwaris emerged as a successful business community during colonialism by adapting to new opportunities in trade and moneylending.
  11. Liberalisation includes privatisation, deregulation, tariff reduction, and allowing foreign companies to set up industries in India.
  12. Globalisation involves the increasing international movement of commodities, money, information, and people, integrating markets worldwide.
  13. The Pushkar camel fair is an example of how a local event becomes a commodity in the global tourism market.
  14. Support prices and subsidies protect Indian farmers from global competition, but liberalisation reduces or withdraws these protections.
  15. Marketisation refers to using market-based processes instead of government regulations to solve social, political, or economic problems.
  16. The debate on liberalisation centres on whether the benefits of economic growth outweigh the costs to farmers, small manufacturers, and workers.

MCQs — 10 Questions with Answers

Q1. Which sociologist is known for arguing that economies are socially 'embedded' in cultural and institutional contexts?

  • A. Karl Polanyi ✓
  • B. Adam Smith
  • C. Max Weber
  • D. Karl Marx

Answer: A — Karl Polanyi developed the concept of embeddedness to show that markets are embedded in social relations, not self-regulating systems as economists claim.

Q2. According to Adam Smith's theory, how does the market economy create order?

  • A. Through government planning and regulation
  • B. Through individual exchanges that automatically create a functioning system ✓
  • C. Through social traditions and kinship networks
  • D. Through caste-based division of labour

Answer: B — Smith argued that millions of individual transactions, motivated by self-interest, automatically produce an ordered economic system without anyone intending it (the invisible hand).

Q3. What is the primary social function of weekly haats in tribal areas beyond economic exchange?

  • A. To collect taxes for the government
  • B. To meet kin, arrange marriages, and exchange gossip ✓
  • C. To enforce caste rituals
  • D. To recruit labour for plantations

Answer: B — Weekly haats serve as important social institutions where people come not just to buy and sell but to maintain social bonds through meeting relatives and arranging marriages.

Q4. Which process describes converting something that was not previously bought or sold (like land or labour) into a commodity?

  • A. Sanskritisation
  • B. Embeddedness
  • C. Commodification ✓
  • D. Westernisation

Answer: C — Commodification is the transformation of non-market goods (land, water, labour) into tradeable commodities, which occurred extensively during colonialism in tribal areas.

Q5. In Bastar district, the weekly tribal haat illustrates all of the following EXCEPT:

  • A. Exchange of forest produce and manufactured goods between local and outside traders
  • B. The complete absence of any social interaction beyond economic transactions ✓
  • C. Links between local tribal economy and wider national/regional economy
  • D. The involvement of Forest Department officials in market activities

Answer: B — The Bastar haat example explicitly shows that markets serve social purposes alongside economic ones; claiming markets have no social function contradicts the entire sociological perspective presented.

Q6. How did colonialism specifically transform the character of weekly tribal haats? (Choose the best answer)

  • A. It made them purely religious gatherings with no economic function
  • B. It incorporated them into wider regional and national economies through roads and external traders, making local people dependent and impoverished ✓
  • C. It eliminated all forms of periodic markets in tribal areas
  • D. It converted them entirely into formal government-regulated markets

Answer: B — Colonial integration brought external traders and moneylenders who exploited local tribals, causing many adivasis to lose land and become economically dependent despite the market's continued existence.

Q7. Which statement best explains why sociology studies markets differently from economics?

  • A. Sociology focuses only on the prices of goods, while economics ignores them
  • B. Sociology studies markets within their larger social context (culture, power, institutions), while economics treats the economy as a separate system with its own laws ✓
  • C. Sociology believes markets don't exist, while economics proves they do
  • D. Sociology only studies informal markets, while economics studies formal markets

Answer: B — The key difference is that sociologists view markets as embedded in social relationships and institutions (caste, kinship, colonialism), not as autonomous economic systems.

Q8. Which of the following is an example of commodification illustrated by the colonial transformation of tribal areas?

  • A. Forest officials conducting government business
  • B. The exchange of tamarind and oil-seeds in weekly haats
  • C. Tribal labour becoming a tradeable commodity for plantations and mines ✓
  • D. Astrologers and entertainers offering services

Answer: C — Commodification of tribal labour—converting what was once unpaid community work into wage labour—is a key example of how colonialism transformed tribal economies by creating a market for labour.

Q9. The text describes the weekly market as a social institution comparable to caste, tribe, or family. What does this comparison mean? (HOTS Question)

  • A. Markets and caste are identical institutions with the same rules
  • B. Both markets and traditional institutions are shaped by and reflect broader social relationships, hierarchies, and power structures ✓
  • C. Markets have completely replaced caste and family in modern India
  • D. Markets are purely economic while caste and family are purely social with no overlap

Answer: B — This comparison illustrates that markets, like caste and family, are social institutions that reflect and reproduce social hierarchies, culture, and relationships—not just neutral economic mechanisms.

Q10. Which statement about the Bastar tribal haat is TRUE? (Assertion-Reason style)

  • A. The haat exchanges goods AND serves social purposes BECAUSE markets are embedded in social relationships and institutions ✓
  • B. The haat exchanges goods BUT has no social function BECAUSE all economic activity is purely about profit
  • C. The haat serves only social purposes AND rarely involves actual economic exchange BECAUSE tribal people resist commodification
  • D. The haat is a purely modern creation BECAUSE colonialism eliminated all traditional markets

Answer: A — The correct statement connects the factual observation (dual function) with the sociological reason (embeddedness), showing how the concept explains real market behaviour.

Flashcards

What does it mean to say markets are 'embedded' in society?

Markets are shaped by and connected to social institutions like caste, kinship, and power structures rather than operating as purely economic systems governed only by supply and demand.

Define 'commodification' with an example.

Commodification is the process of converting something that was not bought or sold (like land, water, or labour) into a commodity that can be bought and sold in the market; for example, tribal land becoming a tradeable commodity during colonialism.

What is a weekly haat and what functions does it serve?

A weekly haat is a periodic market in rural India where local people gather to exchange goods (agricultural produce, forest goods, manufactured items) and also for social purposes like arranging marriages and meeting kin.

How did colonialism change tribal markets and economies?

Colonialism incorporated tribal areas into wider markets by building roads, recruiting labour, and bringing in external traders and moneylenders, which led to the impoverishment of adivasis who lost land to outsiders.

What is the difference between a specific market and 'the market' in general?

A specific market refers to a physical place or gathering (like a fruit market), while 'the market' in general refers to the entire spectrum of economic activities and institutions, almost equivalent to the economy itself.

According to Adam Smith, how does the market economy function?

Smith argued that the market economy is made up of individual exchanges and transactions that automatically create a functioning and ordered system, even though no individual intended to create such a system.

What do sociologists mean when they say the market is a social institution?

Sociologists view markets as institutions constructed in culturally specific ways, controlled or organised by particular social groups, and connected to other institutions like caste, family, and tribe, similar to how these are social institutions.

Name three types of non-economic specialists who attend weekly tribal haats.

Moneylenders, entertainers, and astrologers are three examples of non-economic specialists who attend weekly markets offering services and goods beyond just trading produce.

What is the key difference between the economic approach and the sociological approach to studying markets?

Economics studies markets as a separate system with its own laws, while sociology studies markets within their larger social context, showing how culture, power, and institutions shape economic behaviour.

What goods and services are typically exchanged in a tribal haat like the one in Bastar?

Manufactured goods (jewellery, pots, knives), non-local foods (salt, turmeric), local agricultural produce, forest produce (tamarind, oil-seeds), and services by forest officials and various specialists are exchanged.

Important Board Questions

Define 'commodification' and explain with one Indian example how colonialism led to the commodification of tribal labour. [2 marks]

Commodification = converting non-market goods into tradeable commodities. Example: tribal labour was recruited for plantations and mines during colonialism, transforming what was unpaid community work into wage labour sold in a market.

Explain how weekly haats in tribal areas function as both economic and social institutions. What role did colonialism play in changing their character? [4 marks]

Show: (1) dual function—goods exchange AND social bonding (marriages, kinship); (2) pre-colonial: autonomous local institution; (3) colonial impact: external traders/moneylenders entered, local people became dependent, tribals lost land, market became exploitative. Use embeddedness concept.

Analyse the sociological perspective that 'markets are socially embedded' institutions. Using the Bastar haat example and the broader impact of colonialism on tribal economies, explain how this perspective differs from the economic view of markets, and why this distinction matters for understanding social inequality. [6 marks]

Structure: (1) Define embeddedness—markets shaped by culture, power, caste, not self-regulating; (2) Economic view—separate system with own laws (Adam Smith); (3) Bastar example—shows caste networks, Forest officials, goods exchange reflects power hierarchy; (4) Colonial impact—shows how markets reproduce inequality, cause impoverishment; (5) Significance—explains why 93% Indian workers in informal sector, why tribal displacement happens through market mechanisms; (6) Conclusion—markets are instruments of social control, not neutral mechanisms.

Assertion-Reason Questions for The Market as a Social Institution

Q1. Assertion (A):

Markets are social institutions comparable to caste, tribe, and family.

Reason (R):

Markets involve only individual economic transactions without any reference to cultural values or social structures.

Answer: C — A is true but R is false — The assertion is true—the text explicitly states markets are comparable to traditional social institutions. However, the reason is false because markets ARE embedded in social, cultural, and institutional contexts; they involve far more than isolated transactions.

Q2. Assertion (A):

Colonial incorporation of tribal areas through road-building led to impoverishment of adivasis.

Reason (R):

External traders and moneylenders entered these areas, creating exploitative market relationships where tribals lost land and became economically dependent.

Answer: A — Both A and R are true, and R is the correct explanation of A — Both assertion and reason are true, and the reason correctly explains the mechanism: colonialism created infrastructure that enabled exploitative market relationships, directly causing tribal impoverishment—a causal link.

Q3. Assertion (A):

The weekly tribal haat serves only economic functions of commodity exchange.

Reason (R):

The text mentions people visit the market to meet kin, arrange marriages, and exchange gossip, demonstrating its multi-functional social role.

Answer: D — A is false but R is true — The assertion is false—the text explicitly states that for many visitors, 'the primary reason to come to the market is social.' The reason is true and contradicts the false assertion, making this a clear rejection of the claim.

Unlock more Assertion-Reason questions in Premium — unlock →

Case-Based Questions (CBQ) for The Market as a Social Institution

Case Study:

Colonial administrators in India created a policy of 'opening up' tribal territories beginning in 1850. By 1900, road networks in tribal areas had increased from 200 km to 2,800 km, and the number of non-tribal traders entering these regions increased from approximately 50 to 3,200. Simultaneously, the value of forest produce extracted from tribal areas increased from ₹50 lakh annually (1850) to ₹12 crore annually (1900). However, tribal income from forest produce sales increased only from ₹8 lakh to ₹1.2 crore—meaning that while extraction value increased 24-fold, tribal income increased only 15-fold. The gap between extraction value and tribal income widened significantly, with outsider traders capturing the difference through middleman operations.

Q1. What was the approximate difference between total forest produce extraction value and tribal income in 1900?

  • A. ₹8 crore
  • B. ₹10.8 crore ✓
  • C. ₹12 crore
  • D. ₹13.2 crore

Answer: B

Q2. The increase in non-tribal traders from 50 to 3,200 (a 64-fold increase) while tribal income grew only 15-fold demonstrates:

  • A. That road development equally benefited all market participants
  • B. That markets are economically neutral mechanisms for exchange
  • C. That market benefits are distributed according to social position and control of trading networks—outsider traders captured disproportionate gains ✓
  • D. That tribal populations benefited most from infrastructure development

Answer: C

Q3. This colonial market expansion best illustrates which sociological concept from the study material?

  • A. Markets as self-regulating systems ensuring fair prices
  • B. Markets as socially embedded institutions where colonial power structures, outsider trader control, and information asymmetries create systematically exploitative relationships ✓
  • C. The separation of markets from political and social contexts
  • D. The elimination of traditional tribal economic practices

Answer: B

Q4. If outsider traders captured the difference between extraction value and tribal income in 1900 (₹10.8 crore), this represents approximately what percentage of total forest produce extraction value?

  • A. 45%
  • B. 63%
  • C. 78%
  • D. 90% ✓

Answer: D

Unlock more case studies in Premium — unlock →

Previous Year Questions (PYQ) for The Market as a Social Institution

Real CBSE board exam questions from past papers — free to attempt.

CBSE 2025 · Set 62_Sociology · 2 marks

''By and large, work for most Indians is still in smallscale workplaces. Here personal relationships determine many aspects of work.'' In large organisations work is not determined by personal relationships. What inference can you draw from this statement ?

CBSE 2024 · Set 62_Sociology · 1 mark

Assertion (A) : What marked capitalism from the very beginning was its dynamism, its potential to grow, expand, innovate, and use technology and labour in the best possible way. Reason (R) : Capitalism is an economic system organised to accumulate profits within a market system.

  • Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
  • Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
  • Assertion (A) is true, but Reason (R) is false.
  • Assertion (A) is false, but Reason (R) is true.
Next chapterPatterns of Social Inequality and Exclusion →
Found this useful? Share it with your class group.

You've seen the free preview. Open the full interactive study kit — mind map, instant-graded quiz, progress tracking — free, no sign-in required.

Open Full Study Kit — Free →

Premium unlocks the full Question Bank, Daily Practice Papers, Chapter Quiz and Full Mock Papers for every chapter.