Business Basics: 14 flashcards
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1. What are the two broad categories of human activities?
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Economic activities and Non-economic activities.
2. Define economic activities.
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All human activities related to production, exchange, distribution, and consumption of wealth are known as economic activities.
3. Give two examples of economic activities from the chapter.
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Ploughing the field by a farmer (production) and selling goods to customers by a shopkeeper (exchange).
4. What are non-economic activities?
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Activities performed to satisfy human sentiments such as charity, religion, recreation, etc., are known as non-economic activities.
5. Give an example of a non-economic activity from the chapter.
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Performing charity or engaging in religious activities.
6. What is the main difference between economic and non-economic activities?
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Economic activities are directly related to money and earning, while non-economic activities are performed for personal satisfaction or sentiments without monetary gain.
7. What is the formula given for economic activities?
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Economic Activities = Business + Profession + Employment
8. Name the three components of economic activities.
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Business, Profession, and Employment.
9. Which activity involves selling goods to customers by a shopkeeper?
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Exchange of wealth (an economic activity).
10. Which activity involves payment of salary to employees, rent to landlord, and interest to lender?
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Distribution of wealth (an economic activity).
11. Why do all of us engage in economic activities?
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To earn money or satisfy material needs.
12. What is the main cause of growth and development according to the chapter?
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Human activities, which are multiple and diversified in nature.
13. Are activities like charity and religion considered economic or non-economic?
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Non-economic activities.
14. What is the scope of Unit-I as per the learning objectives?
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It covers human activities, business meaning and definition, concept, characteristics, nature, profession, employment, objectives, business risks, causes of risks, role of profit, and related topics.
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