What are the main economic activities involved in business?

Production, trade, and commerce

Fill in the blank: The primary objective of a business is to earn ___.

Profit

True or False: Business activities only include selling products in a shop.

False; business activities also include production and trade.

What role did trade and commerce play in the historical economy of India?

They were crucial for generating surplus income and supporting various economic activities.

Riddle: I am the process of making goods and services to satisfy human needs, aimed at earning profit. What am I?

Business

Fill in the blank: Major trade centers in ancient India included Patliputra, Peshawar, and ___.

Taxila

What factors contributed to the growth of business activities in ancient India?

Favorable balance of trade, indigenous banking systems, and family-based workshops.

True or False: Economic liberalization in India began in 1991 to address challenges like inadequate infrastructure.

True

What are the two types of innovation important for business success?

Innovation in products/services and innovation in skills and activities.

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

C) One-time sale

What is the significance of market standing for a business?

It involves building reputation, offering competitive products, and ensuring customer satisfaction.

Riddle: I can be caused by floods, negligence, or economic changes. What type of risk am I?

Business risk

Fill in the blank: The two classifications of business activities are industry and ___.

Commerce

What is meant by the term 'entrepreneurship'?

The process of setting up a business and organizing production to deliver value.

What is the role of physical and financial resources in a business?

They are necessary for producing goods and services efficiently.

True or False: A business's risk is entirely eliminable.

False; risk is inherent and cannot be completely eliminated.

What is the role of profit in a business?

It provides income, funds for expansion, and indicates business efficiency.

MCQ: Which of the following is a type of business risk? A) Pure risk B) Digital risk C) Financial risk D) Operational risk

A) Pure risk

What are the basic factors to consider when starting a business?

Selection of line of business, size of the firm, choice of ownership, and financing.

Riddle: I help to ease the flow of goods from producers to consumers. What am I?

Commerce