INTRODUCTION TO BUSINESS AND INDUSTRIES | 8TH STD | A PUSHPA | KARATAKA

Pushpa A・2 minutes read

Business studies chapter two discusses the meaning and objectives of business, focusing on economic and social goals through production and distribution of goods and services. Economic objectives include earning profit, adopting new production techniques, and informing consumers, while social objectives involve national development, employment generation, and social welfare contributions. Trade encompasses home, foreign, and enter report trade, essential for resource exchange between countries, and industries are categorized into primary and secondary sectors, crucial for economic development.

Insights

  • The objectives of business encompass both economic aspects like profit-making and social responsibilities such as national development and improving living standards, highlighting the dual role businesses play in society.
  • Trade is a multifaceted concept involving home, foreign, and enter report trade, facilitating economic growth through the exchange of goods and resources while fostering international relationships, underscoring the interconnectedness of economies on a global scale.

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Recent questions

  • What are the economic objectives of business?

    Economic objectives of business include earning profit, supplying goods, adopting new techniques, and advertising.

  • What are the social objectives of business?

    Social objectives involve national development, employment creation, living standards improvement, tax payment, and social welfare contribution.

  • What is the difference between home trade and foreign trade?

    Home trade occurs within a country, while foreign trade involves trade between countries.

  • How does foreign trade benefit countries?

    Foreign trade helps countries by exporting excess goods, importing needed resources, fostering international relationships, and promoting economic growth.

  • What are the primary and secondary industries?

    Primary industries involve genetic and extractive activities, while secondary industries encompass manufacturing and construction.

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Summary

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Business Studies: Objectives, Trade, and Industries

  • Business studies chapter two focuses on the meaning and objectives of business, including economic and social goals. Business involves the production and distribution of goods and services to earn profit and satisfy human wants.
  • The economic objectives of business include earning a reasonable profit, supplying goods and services to consumers, adopting new production techniques, and informing consumers about product changes through advertising. Social objectives involve providing goods for national development, creating employment, improving living standards, paying taxes, and contributing to social welfare.
  • Trade is the buying and selling of goods to consumers, divided into home trade, foreign trade, and enter report trade. Home trade occurs within a country through retailers and wholesalers, with retailers offering various services like storing goods, providing credit facilities, and suggesting alternative products.
  • Foreign trade involves trade between countries, classified into exports, imports, and enter report. It helps countries with resource deficiencies by exporting excess goods and importing needed resources, fostering international relationships and economic growth. Industries are categorized into primary (genetic and extractive) and secondary (manufacturing and construction), each playing a vital role in economic development through production and services.
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