BUSINESS - MEANING AND IMPORTANCE-8th Standard Social Science Notes


I. Fill in the blanks with appropriate words:

1.The best example for Entrepot trade is ___________

2.Cottage industries are mainly concentrated in ________

3.The manufacture of chemicals is carried out in ________ industries.

4.The sole objective of business should be earning ______ profit.

5.To safeguard the quality of goods __________ institution has been started.

Ans: (1) Singapore (2) villages (3) small scale (4) reasonable
(5) Bureau of Indian Standard

II. Answer each of the following questions in 2 to 4 sentences:

1.Which are the different types of mobile shops?

Ans: Mobile traders do not have a fixed place to carryon their
trade. The important types of mobile shops are Hawkers,
Peddlers, Street vendors and Market vendors.

2.Who are wholesalers?

Ans: Wholesale traders buy goods in large quantity from producers and sell them to the retailers in small quantities. Generally, they deal with one or two types of goods.

3.Name the three types of foreign trade.

Ans: The three types of foreign trade and are (a) Import (b) Exports and (c) Entrepot.

4.Mention the important goods produced by cottage and
small scale industries.

Ans: Some of the important goods produced by cottage and small scale industries are carpentry, smithy, carpet, weaving, pottery, blanket making, stone carving, etc.

5.Which organizations overcome the hindrance of place
and risk?

Ans: To overcome the hindrance of place the service of transportation are used. Road transport, Railways, water transport and air transport are different media.

6.Mention the antisocial activities of traders to earn more

Ans: To earn more profits, some anti social practices are followed. They are adulteration, charging excess or abnormal rates, using false weights and measure, creating artificial scarcity by hoarding the goods and carrying out black marketing, etc.

7.What are the steps taken by the government to
overcome the antisocial practices in business?

Ans: The steps taken by the government to overcome the antisocial practices in business are-

a) The government has Public Distribution System.

b) To maintain the standard of goods and essential commodities. Bureau of Indian standard ISI and AGMARK marks are printed on commodities to certify their

I. Answer each of the following questions in 8 - 10 sentences:

1.What are the economic objectives of business?

Ans: The sale objective of business includes earning reasonable profit that is sufficient to enable the business to cover the costs and the business man lead a normal comfortable life. Business supplies goods and services to the consumers and thus creates consumers. It uses the available resources to produce the goods that are sufficient to consumers. It produces such goods that are required from time to time according to changes that take place. It brings changes in production by adopting new techniques. It also enables the consumers to know about the changes in products through advertisement.

2.What are the social objectives of business?

Ans: Business produces goods and supplies the goods that are
required for the development of a nation. It provides employment to many and pays them fair wages and salaries and helps them to improve their standard of living. Business contributes its share to the economic development of a nation by paying rates, taxes and duties. Business also contributes a fair share for the social welfare of the nation by starting and running of schools, colleges, hospitals and also by maintaining public gardens.

3.Mention the services rendered by retail traders.

Ans: Retailers carry out their trade at places where consumers Iive. They render various services to the consumers. Some of them are-

(a) They are the last connecting link in the distribution of

b) They supply variety of goods to meet the demand of
the consumers.

c) They store the goods to meet the demand of the consumers.

d) They take the risk of loss in business or loss of goods.

e) They grade the goods and supply according to the tastes of the consumers.

f) They provide credit facilities to the consumers; give more information about newly available goods in the market.

g) Suggest alternative goods if the particular goods' are not available.

4. List out the different retail traders and write two /three
sentences on each of them.

Ans: The important types of retailers are (a) Permanent shops and (b) Itinerant traders.

(a) Permanent shops: They are opened at a fixed place and
carry out trade.

b) Itinerant or Mobile traders: They do not have fixed place to carryon their trade. The important among them are -
(1) Hawkers- they carry goods on their heads, move from' door to door' and sell their goods, e.g. vegetables, fruits. (2) Street traders- they display goods in busy street corners and sell them to the consumers.

(3) Market sellers- weekly markets take place at villages or towns once in a week. The surrounding villagers bring the goods which they have grown or produced and sell them

5.Explain briefly the two types of Industries.

Ans: The two types of industries are- (1) Primary industries and (2) Secondary industries.

(1) Primary industries: These industries produce goods by
using the natural resources. E.g. agricultural, fishing, dairy farming, mining, etc. These industries are further divided as- (a) genetic industries and (b) extractive industries.

(a) Genetic industries are engaged in reproduction of different crops, plants and animals. E.g. horticulture, dairy farming, poultry fanning.

(b) Extractive industries- are engaged in extracting different raw materials and ores from the earth. E.g. extraction of ores, drilling of oil, etc.

(2) Secondary Industries: They are labour oriented industries. They are further divided into a) Manufacturing and b) Construction industries.

a) Manufacturing industries are engaged in converting raw materials or semi finished products into finished products. Eg- converting iron ore into steel.

b) Construction industries- are engaged in construction of roads, canals, bridges, etc.

6.What is the need for foreign trade to a country?

Ans: No country I in the world is self sufficient in all the natural resources. Some countries have plenty of natural resources. Using the available natural resources they produce more goods than they require and the excess is exported to other countries. In the same way some countries have deficit of some natural resources and, depend on other. Countries for their requirement and import them. Thus there is a great need for foreign trade. The need for foreign trade is increasing day by day. It also helps to foster friendship among the counties.

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