BUSINESS STUDIES CLASS 11 NOTES

True or False A) The sale of old TVset by Mr. Y does not constitute business B) Industry creates form utility C) Fishing is an extractive industry D ) Transportation is a part of trade    E) Trade involves more risk than industry  F) Warehousing removes the hindrance of place G) Assembling of a radio set is a genetic  H) Commerce is a part of trade. Answers : True - a, b, c   False - d, e, f, g, h Fill in the blanks A) Poultry firm is a ______ Industry. B) Mining is a  ______ Industry C) A sugar mill is a _____ industry D) Metro rail is a _____ industry E) An oil refinery is a _____ industry F) Cloth making is a _____ industry G) Motor cycle plant is  _____ industry  H) A fertilizer plant is _____ industry  Answers  : a- Genetic , b- extractive , c - manufacturing, d- construction, e- analytical, processing, g- assembling, h- synthetical

Short Answer Questions         1. Define Business        2.Name the economic objectives of business       3.A person sells his scooter at a profit, will it be considered as business? Explain the charateristic of business which is being stressed upon.       4.Give three main reasons for earning profit.       5.State the social objectives of business.   Long Answer Questions    What do you understand by business? Explain the characteristics of business.  Discuss the various objectives of business. Why is business regarded as an economic activity ? Explain.  Profit cannot be the sole objective of a business firm.Explain

Short Answer Questions     1.How would you classify human activities?  2.What do you understand by economic activities? 3."The same activity may be economic as well as non-economic at different times or place".Comment 4.What is the objective of economic activities? 5.Define the term 'Business' and Give five examples of business 6.Give two differences between economic and non-economic activities 7. What is Employment? 8.What is the main aim of human activities? Long Answer Questions   1.Explain the nature of economic activities 2.Distinguish between economic and non economic activities 3.Discuss the various types of economic activities 4.What is a profession ? Explain the charaterstics of a profession. 5.Distinguish between business,profession and employment.