Class 11 Business Studies Important Chapter 1 Business Trade and Commerce

Class 11 Business Studies Important Chapter 1 Business Trade and Commerce Solutions English Medium As Per AHSEC New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 11 Business Studies Important Solutions and select need one. AHSEC Class 11 Business Studies Additional Notes English Medium Download PDF. HS 1st Year Business Studies Important Solutions in English.

Class 11 Business Studies Important Chapter 1 Business Trade and Commerce

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. ASSEB Class 11 Business Studies Additional Question Answer are part of All Subject Solutions. Here we have given HS 1st Year Business Studies Important Notes in English for All Chapters, You can practice these here.

Business Trade and Commerce

Chapter: 1

Part – I: Foundations of Business

IMPORTANT QUESTION AND ANSWER

Short Question and Answer:

1. What is commerce?

Ans: Commerce refers to all the activities that help in the buying and selling of goods and services. It includes trade as well as the auxiliaries to trade such as transport, banking, insurance, warehousing, and advertising, which make the exchange process smooth and efficient.

2. Name two examples of primary industry.

Ans: Two examples of primary industries are farming and mining. These industries are directly involved in extracting and utilizing natural resources to produce raw materials used by other industries.

3. What is warehousing?

Ans: Warehousing is the process of storing goods in a proper place until they are required for sale or use. It helps in maintaining a steady supply of products in the market and removes the hindrance of time in commerce.

4. What is the main aim of business?

Ans: The main aim of business is to earn profit by satisfying the needs and wants of consumers through the production and sale of goods and services. Profit acts as a reward for the risk taken by the businessperson.

5. What is barter system?

Ans: The barter system is an old method of trade where goods and services are exchanged directly for other goods and services without the use of money. It was commonly used before the invention of currency.

6. Who is an entrepreneur?

Ans: An entrepreneur is a person who identifies a business opportunity, arranges the resources, takes the necessary risks, and starts a business venture with the aim of making a profit and contributing to economic development.

7. What is risk in business?

Ans: Risk in business refers to the possibility of facing losses or lower-than-expected profits due to uncertainties such as market changes, competition, natural calamities, or internal problems.

8. Name one auxiliary to trade.

Ans: One important auxiliary to trade is banking. Banks provide financial services such as loans, credit, and fund transfers, which support business operations and enable smooth trade activities.

9. What is innovation?

Ans: Innovation means introducing new ideas, methods, or products in business. It may involve improving existing products, developing new ones, or finding better ways to operate, which helps the business grow and stay competitive.

10. What is profession?

Ans: A profession is an occupation that requires specialized education, training, and skills. Professionals like doctors, lawyers, and chartered accountants offer expert services and follow a code of conduct set by their professional bodies.

11. What is advertising?

Ans: Advertising is a paid form of communication used by businesses to inform, persuade, and influence consumers about their products or services. It helps in creating demand and promoting sales in the market.

12. What is employment?

Ans: Employment refers to an economic activity where a person works under an employer in return for a fixed salary or wage. The employee performs tasks as per the contract or job role defined by the organization.

13. What is trade?

Ans: Trade is the act of buying and selling goods and services. It helps in transferring goods from the producers to the consumers and is a fundamental part of commerce.

14. Define physical resources.

Ans: Physical resources are the tangible assets required to run a business, such as land, buildings, machinery, equipment, and tools. These resources are essential for the production and delivery of goods and services.

15. Name a historic trade centre.

Ans: Ujjain was one of the famous historic trade centres in ancient India. It was known for exporting textiles and precious stones and had well-established trade routes connecting it to other major cities.