What significant changes occurred in the Indian economy during British rule?

The British Empire transformed India from being an exporter of processed goods to primarily exporting raw materials.

Fill in the blanks: Major trade centers in ancient India included ___ and ___.

Patliputra and Peshawar

True or False: Economic liberalization in India was adopted in 1981.

False. Economic liberalization was adopted in 1991.

Riddle: I am a system developed to finance trading activities, used for money transfer, and I can reduce the risk of theft during long journeys. What am I?

The indigenous banking system, including tools like Hundi and Chitties.

What role does business play in the development of the economy?

Business is central to the production, trade, and commerce of goods, fulfilling people’s needs and driving economic growth.

Fill in the blank: The Indian subcontinent had a favorable balance of trade due to its major exports of ___ and ___.

Spices and sugar

Multiple Choice: Which of the following initiatives is aimed at boosting India's economy? A) Make in India B) Green India C) Smart India D) Clean India

A) Make in India

What were the primary challenges faced by India after independence in terms of its economy?

Challenges included a lack of capital, a weak financial system, and inadequate infrastructure.

Riddle: I was crucial for trade in ancient India, traversing both land and water, and I helped generate surplus income. What am I?

Trade and commerce activities.

Fill in the blank: The economic activities in ancient India included agriculture and ___ for producing goods.

Handicrafts

Business is fundamentally concerned with the production and sale of ___ and ___.

Goods and services

True or False: One-time sales or exchanges are sufficient to define an activity as a business.

False. Business involves dealing in goods and services on a regular basis.

What is the primary motive behind business activities?

To earn profit by satisfying human needs.

Fill in the blank: Business activities are characterized by uncertainty of earning, which means there is always a possibility of ___ or even loss.

Less profit

Riddle: I am an economic activity that involves the regular exchange of goods and services. What am I?

Business

Which term refers to goods produced for consumption by the end user?

Consumer goods

In business, what does the term 'element of risk' refer to?

The possibility of uncertainty in earnings, including potential loss.

MCQ: Which of the following is NOT a characteristic of business activities? A) Profit earning B) One-time sale C) Regular activity D) Economic activity

B) One-time sale

What are the three main classifications of business activities?

The three main classifications of business activities are Industry, Commerce, and Trade.

Fill in the blank: The primary industry includes activities such as ___ and ___.

Extraction and production of natural resources; reproduction and development of living organisms.

True or False: The tertiary sector of business activities provides support services to primary and secondary industries.

True.

What distinguishes manufacturing industry from construction industry?

Manufacturing industry involves the production and processing of goods to create utilities, while construction industry focuses on building infrastructure such as buildings, dams, and bridges.

Riddle: I help goods travel from producers to consumers, and I remove barriers that slow down this movement. What am I?

Commerce.

Fill in the blank: The secondary industry includes manufacturing, analytical, synthetic, processing, and ___ industries.

Assembling.

Which activities are included in commerce?

Commerce includes activities such as trade, transport and communication, banking, insurance, advertisement, and warehousing.