Q. 1. What is meant by tourism?
Define the term ‘tourism’.
Ans. Tourism is travel undertaken for the purpose of recreation rather than business.
Q. 2. What is wholesale trading service?
Ans. Wholesale trading constitutes bulk business through numerous intermediary merchants and supply houses and not through retail stores. Some large stores including chain stores are able to buy directly from the manufacturers.
Q. 3. What are economic activities?
Ans. Economic activity can be defined as any activity which results in production and distribution of goods and services. They are undertaken by people to satisfy their economic needs.
Q. 4. Give the meaning of ‘retail trading’ services.
Ans. Retail trading services are component of domestic trade and the concluding phase of the circulation of personal consumption, in which goods and services are sold in exchange for the monetary income of the population. Retailers are business firms engaged in offering goods and services directly to consumers.
Q. 5. Define the term ‘tertiary activities’.
Ans. The tertiary activities involve the provision of services to other business as well as final consumers. Services may involve transport, distribution and sale of goods from producers to a consumer, as may happen in wholesale and retail or may involve the provision of a service such as in pest control or entertainment.
Q. 6. To which two sectors are the tertiary activities related?
Ans. Tertiary activities are related to production and exchange.
Q. 7. Name the two types of trades.
Ans. The two types of trades are wholesale trade and retail trade.
Q. 8. Name two tourist regions of the world.
Ans. The warmer places around the Mediterranean Coast and the West Coast of India are some of the popular tourist destinations of the world.
Q. 9. Give any two examples of tertiary activities.
Ans. (i) Trade and Commerce.
(ii) Communication services.
Q. 10. In which economic sector are both production and exchange included?
Ans. Tertiary sector.
Q. 11. Explain any three characteristics of tertiary activities.
Ans. Tertiary activities mean rendering services. This mainly includes activities like transport, trade and commerce, communication, education, hospital services, general healthcare and other activities of rendering various services.
Tertiary activities are not directly involved in the processing of physical raw materials. It involves the provision of services rather than producing goods.
Workers engaged in transport, trade and commerce are called pink-collar workers, while those involved in skill-based services such as teaching and research are called white-collar workers.
Q. 12. Discuss the significance and growth of the service sector in modern economic development.
Ans. The significance and growth of the service sector in modern economic development are :
(i) Services are provided to individual consumers.
(ii) It is supervised by the government.
(iii) Provides more employment with more income.
Q. 13. Describe quaternary services.
Ans. The quaternary services of the economy is a way to describe a knowledge based part of the economy, which typically includes services such as collection, production and dissemination of information or even the production of information.
Q. 14. What is digital divide?
Ans. A digital divide is an economic and social inequality according to categories of persons in a given population in their access to, use of, or knowledge of information and communication technologies.
Q. 15. Outsourcing is providing lots of jobs in developing countries. Discuss.
Ans. Outsourcing has resulted in the opening up of large number of call centres in India, China, Europe, Israel, Philippines, etc.
Outsourcing is coming to those countries where cheap and skilled workers are available.
Developing countries have lot of IT skilled staff with good communication skills and are available at lower wages than those in the developed countries.
Q. 16. Explain retail trading services.
Ans. Retail trading services are :
(i) The business activity concerned with the sale of goods directly to consumers.
(ii) Most of the retail trading takes place in the fixed establishments or stores solely devoted to selling activity.
(iii) Street peddling handcarts, trucks, door to door mail order, telephone, automatic vending machines are also examples of non-store retail trading services.
Q. 17. Define quinary activities. Describe its features and importance.
Ans. Quinary Activities : Services that focus on the creation, re-arrangement and interpretation of new and existing ideas; data interpretation and the use and evaluation of new technology.
(i) These are called gold collar professions.
(ii) They are special and highly paid skills of senior business executives, government officials, and research scientists, financial and legal consultants.
(iii) Their importance is significant in the structure of advanced economies.