Business Studies

Nature and Purpose of Business

Question:

State the different types of economic activities.

Answer:

Different types of economic activities are of three types:

  1. Business refers to those economic activities which are concerned with the production or purchase and sale of goods or supply of services with the main object of earning profits.
  2. Profession refers to those activities which require special knowledge and skill to be applied by individuals in their occupations.
  3. Employment refers to the occupation in which people work for others and get remunerated in return.
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Nature and Purpose of Business

Q 1.

Can profits be the sole objective of a business? Justify your answer by giving suitable reasons.

Q 2.

Explain political and legal causes of business risks.

Q 3.

Explain the concept of business.

Q 4.

Define Profession. Discuss its salient features.

Q 5.

What are the functions of commerce?

Q 6.

"No business is risk free."Do you agree? Justify your answer, mentioning the nature and causes of business risk.

Q 7.

What are various types of industries?

Q 8.

If you need , to start doing an economic activity to earn livelihood for your family, which one would you like and why?

Q 9.

What is business risk? What is its nature?

Q 10.

Explain the characteristics of business.

Q 11.

Explain any two business activities which are auxiliaries to trade.

Q 12.

Define commerce. Discuss its importance in the business world.

Q 13.

State the different types of economic activities.

Q 14.

Why is business considered an economic activity?

Q 15.

Compare business with profession and employment.

Q 16.

If one starts a business, which objective will be of utmost importance to you and why?

Q 17.

Why does business need multiple objectives? Explain any five such objectives.

Q 18.

What is the role of profit in business?

Q 19.

How would you classify business activities?

Q 20.

Explain with examples the various types of industries.

Q 21.

Explain the concept of business risk and its causes.

Q 22.

What are the hindrances in the commerce? Which agencies are used to remove these hindrances?

Q 23.

What factors are important to be considered while starting a business? Explain.

Q 24.

Compare business with profession and employment.

Q 25.

Describe the activities relating to commerce.

Q 26.

Distinguish between industry, trade and commerce.

Q 27.

Distinguish between industry, trade and commerce.

Q 28.

"Risk is the element which makes the business different from other economic activities."Do you agree? Justify your answer.

Q 29.

Explain the economic and social objectives of the business.

Q 30.

"Economic and non-economic activities don't substitute, but complementary to each other."Do you agree? Explain.

Q 31.

What are the functions of commerce?

Q 32.

"Earning of profits is the main objective of a business and other objectives are there to aid it only."Do you agree? Justify your answer.

Q 33.

Differentiate between economic and non-economic activities.

Q 34.

Differentiate between insurable risks and non-insurable risks.