NIOS Class 10 Business Studies Chapter 1 Nature and scope of business

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NIOS Class 10 Business Studies Chapter 1 Nature and scope of business

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Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Business Studies Chapter 1 Nature and scope of business Solutions, NIOS Secondary Course Business Studies Solutions for All Chapter, You can practice these here.

Nature and scope of business

Chapter: 1

NIOS TEXTBOOK QUESTIONS ANSWERS

INTEXT QUESTIONS 1.1

State whether the following statements are true or false by writing ‘T’ against true statement and ‘F’ against false statement.

(i) A doctor attending to patients in his/her clinic is engaged in an economic activity.

Ans:- True.

(ii) A mother stitching clothes for her children is engaged in an economic activity.

Ans:- False.

(iii) A tailor stitching clothes for his customers is engaged in an economic activity.

Ans:- True.

(iv) Distributing food to beggars outside the temple is a non- economic activity.

Ans:- True.

(v) Sachin Tendulkar playing cricket for the country is performing a non-economic activity.

Ans:- False.

State which of the following activities are economic and which are non-economic:

(i) Playing football with friends. 

Ans:- Non – economic.

(ii) Teaching in a school.

Ans:- Economic.

(ii) Attending to one’s relative who is unwell.

Ans:- Non – economic.

(iv) Listening to a radio.

Ans:- Non – economic.

(v) Selling fruits and vegetables in the local market.

Ans:- Economic.

(vi) Preparing food at home for family members.

Ans:- Non – economic.

(vii) Working in an office.

Ans:- Economic.

INTEXT QUESTIONS 1.2

Fill in the blanks with suitable words:

(i) The economic activity in which one is engaged on a regular basis is called his/her ____

Ans:- Occupation.

(ii) A professional requires ___ and training in a particular field.

Ans:- specialised knowledge.

(iii) The occupation in which people work for others and earn fixed income is called ___.

Ans:- Employment.

(iv) A professional body regulates every profession by laying down the ____ for all professionals.

Ans:- Code of conduct.

(v) The terms and conditions of employment are decided by the ____. 

Ans:- Employer.

1. Match the phrases in column A with those in column B:

Ans:- 

Intext Questions 1.3

I. Rahul, a shopkeeper, is engaged in a number of activities, which he calls as business. Examine each of them and state whether you agree with him or not. 

Write ‘Agree’ or ‘Disagree’ against each statement: 

(i) Rahul sold bread to customers in his shop. 

Ans:- Agree.

(ii) He bought a pen to give it to his younger sister.

Ans:- Disagree.

(iii) He sold his old television set to his neighbour for Rs. 3,000. 

Ans:- Disagree.

(iv) Rahul bought eggs from the poultry farm to sell to his customers. 

Ans:- Agree. 

(v) Rahul sells a packet of milk worth Rs. 10 to a customer for Rs. 12. 

Ans:- Agree. 

(vi) Rahul bought vegetables worth Rs. 30 for his family. 

Ans:- Disagree.

(vii) He distributed biscuits free of cost to poor children from his shop. 

Ans:- Disagree.

II. Given below are some statements about business. Some are right and some are wrong. Write ‘R’ against right statements and ‘W’ against wrong statements: 

(i) Business has no role to play in national integration as it only deals in goods and services. 

Ans:- W.

(ii) Business does not contribute to improvement in the standard of living of the people. 

Ans:- W.

(iii) Industrial research is carried out to develop new and innovative products. 

Ans:- R.

(iv) Business does not allow import of goods from foreign countries. 

Ans:- W. 

(v) Business helps in reducing poverty by generating employment. 

Ans:- R.

(vi) Business creates a positive image of the country through display and sale of products in international trade fairs and exhibitions.

Ans:- R.

Intext Questions 1.4

Given below are some statements relating to the economic objectives of business. Some statements are true and some are false. 

Identify the true statements: 

(i) Creation of demand for goods is the primary objective of business. 

Ans:- False.

(ii) Profits are expected to be earned by businessmen in proportion to the amount of capital invested in business. 

Ans:- True.

(iii) It is not always necessary for businessmen to make the best possible use of materials. 

Ans:- False.

(iv) Businessmen should use profits earned from the business only for their own living. 

Ans:- False.

(v) Generation of employment is the primary economic objective of business.

Ans:- False.

Intext Questions 1.5 

State which of the following statements relating to social objectives of business are right and which are wrong? 

(i) Social objective of business is based on the assumption that what is good for business is also good for society. 

Ans:- Wrong.

(ii) Production and supply of quality goods to the consumer is the social objective of business. 

Ans:- Right.

(iii) Creation of demand for the product is a social objective of business. 

Ans:- Wrong.

(iv) Establishment of a sports complex for the public is the economic objective of business. 

Ans:- Wrong.

(v) Hoarding and black-marketing are considered desirable on the part of business.

Ans:- Wrong.

Intext Questions 1.6

Below are given some statements regarding human objectives of business. State which of them are “true” and which are “false”: 

(i) Businessmen should pay proper remuneration which will motivate the workers for work. 

Ans:- True.

(ii) Business units should provide social and psychological satisfaction to the employees. 

Ans:- True.

(iii) Businessmen should not help disabled persons unless they are employed in business.

Ans:- False.

(iv) Business units should ignore the suggestions given by the employees while taking important decisions. 

Ans:- False.

(v) Helping physically handicapped persons in the society is an economic objective of business.

Ans:- False.

Intext Questions 1.7

Fill in the blanks with suitable word (s) from those given in brackets: 

(i) To produce and distribute essential goods at a reasonable price is a/an _____________ objective of business. (social, national, human) 

Ans:- Social.

(ii) To help the country to become self-reliant, business units should aim at increasing ________________. (export, import, prices) 

Ans:- Export. 

(iii) Business units should pay taxes honestly and______________. (occasionally, frequently, regularly) 

Ans:- Regularly.

(iv) Business should provide equal opportunities to all its __________________. (owners, employees, suppliers)

Ans:- Employees.

Intext Questions 1.8

Fill in the blanks with appropriate words. 

(i) Every business operates within a _________. 

Ans:- Society. 

(ii) Social responsibility of business refers to all such duties and _______ of business that are directed towards the welfare of society.

Ans:- Obligations.

(iii) Giving good return to the investors by providing ____ goods at high price to consumers is not fulfilling social responsibility. 

Ans:- Inferior.

(iv) To avoid government regulations business houses should discharge their duty ________. 

Ans:- Voluntarily.

(v) The earnings of business depend upon the public _______ of its activities. 

Ans:- Image.

(vi) Today because of ___________ the entire world has become a big market. 

Ans:- Globalizations.

(vii) ____________ implies that a businessman should not do anything harmful to the society in course of his business activities. 

Ans:- Social Responsibility. 

(viii) The concept of social responsibility ____________ businessmen from adopting unfair means like black-marketing, hoarding, adulteration, tax evasion and cheating customers etc. to earn profit.

Ans:- Discourages.

Intext Questions 1.9

Following are the various responsibilities of business towards the different interest groups as discussed above. State which responsibility relates to which particular group. 

(i) Protection of the environment. 

Ans:- Society.

(ii) Better living conditions like housing, transport, canteen, crèches etc.

Ans:- Employees.

(iii) Promotion of sports and culture. 

Ans:- Society.

(iv) Opportunity for better career prospects. 

Ans:- Employees.

(v) Regular supply of goods and services. 

Ans:- Customers.

(vi) Proper working conditions and welfare amenities. 

Ans:- Employees.

(vii) Goods and services at reasonable and affordable prices. 

Ans:- Customers.

(viii) Prompt after sales services. 

Ans:- Customers.

(ix) Conservation of natural resources and wildlife.

Ans:- Society.

1. Give two examples each of economic and non – economic activities.

Ans:- Two examples of economic activities are as follows:

(i) Farmers grow crops to sell them.

(ii) Factory or office employees work and get wages and salaries.

Two examples of non – economic activities are as follows:

(i) People visiting places of worship.

(ii) Providing relief to the victims of flood and earthquake.

2. Distinguish between Economic and non- economic activities on the Basis of 

(i) Purpose.

(ii) Outcome.

Ans:- 

3. What is meant by an occupation?

Ans:- Occupation refers to the activity to which one regularly devotes oneself, especially one’s regular work, or means of getting a living.

4. Explain any two characteristics of employment.

Ans:- The two characteristics of employment are as follows:

(i) No capital required.

(ii) Fixed wages and salaries.

5. Explain any two characteristics of the profession.

Ans:- The two characteristics of profession are as follows:

(i) Training and education is necessary in a specific field.

(ii) Limited capital required for establishment.

6. Define the term “business”?

Ans:- Business  defined as “an activity involving regular production or purchase of goods and services for sale, transfer and exchange with an object of earning profit”.

7. Why do we call a person doing carpentry as engaged in a vocation?

Ans:- The word ‘vocation’ means a strong desire to spend your life doing a certain kind of work. People chose to be carpenters because they have a passion in carpentry and that’s why we call the carpenters engaged in a vocation.

8. A cobbler making shoes for himself is not engaged in business, why?

Ans:- As he is doing for himself and it is also not business activity because there is no profit earning.

9. Describe the main characteristics of business.

Ans:- The essential characteristics of business are as follows:

(i) Deals in goods and services: People in business are engaged in production and distribution of goods and services. The goods may be consumer goods like bread, butter, milk, tea, etc. or capital goods like plant, machinery, equipments, etc. The services may be in the form of transportation, banking, insurance, warehousing, advertising and so on.

(ii) Sale or exchange of goods and services: If a person produces or buys a product for self-consumption or for gifting it to another, he is not engaged in business. But when he produces or buys goods to sell it to somebody, he is engaged in business. Thus, in business the goods and services produced or purchased must be exchanged for money or for goods (under barter system) between the buyers and sellers. Without sale or exchange of goods the activities cannot be treated as business.

(iii) Regular exchange of goods and services: The production or buying and selling activities must be carried out on a regular basis. Normally. an isolated transaction is not treated as business. For example, if Raju sold his old car to Hari, it is not considered as business, unless he continues to carry on buying and selling of cars on a regular basis.

(iv) Requires investment: Every business activity requires some amount of investment in terms of land, labour or capital. These resources are utilised to produce a variety of goods and services for distribution and consumption.

(v) Aims at earning profit: Business activities are performed with the primary objective of earning income by way of profit. Without profit it is not possible to survive for a long period. Earning of profit is also required to grow and expand the business.

(vi) Involves risk and uncertainty of income: We know that every business aims to earn profit. The businessman who invests the various resources expects a fair amount of return. But, in spite of his/ her best efforts, the reward he/she gets is always uncertain. Sometimes he/she enjoys profits and also times may come when he suffers heavy losses. This happens because the future is unpredictable and a businessperson has practically no control over certain factors that affect his/her earnings.

10. What is meant by business? Describe any two characteristics of business?

Ans:- Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, sale or purchase of goods and services.

The two characteristics of business are as, follows: 

(i) Requires investment: Every business activity requires some amount of investment in terms of land, labour or capital. These resources are utilised to produce a variety of goods and services for distribution and consumption.

(ii) Aims at earning profit: Business activities are performed with the primary objective of earning income by way of profit. Without profit it is not possible to survive for a long period. Earning of profit is also required to grow and expand the business.

11. How is business different from profession? Answer in about 60 words.

Ans:- Profession refers to an occupation, which requires specialized knowledge and training to pursue it and the primary objective of every profession is to provide service. A professional body regulates every profession. On the other hand Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, sale or purchase of goods and services.

12. Discuss the broad categories of business activities. Give examples?

Ans:- The broad categories of business activities are discussed below: 

(i) Operating business activities: Operating activities are the daily activities of a company involved in producing and selling its product, generating revenues, as well as general administrative and maintenance activities. Key operating activities for a company include manufacturing, sales, advertising, and marketing activities. 

Examples: (i) Receipt of cash from sales.

(ii) Collection of accounts receivable.

(ii) Investing business activities: Investing business activities are those that are capitalized over more than one year and usually appear as the second section of the cash flow statement. The purchase of long-term assets is recorded as a use of cash in this section. 

Examples: (i) Fixed assets purchase. 

(ii) Investment sales proceeds.

(iii) Financing business activities: Financing activities are transactions between a business and its lenders and owners to acquire or return resources. In other words, financing activities fund the company, repay lenders, and provide owners with a return on investment. Financing activities include: Issuing and repurchasing equity. 

Examples: (i) dividend paid. 

(ii) issuing common stock. 

(iii) debt.

13. Explain the three types of occupations people are generally engaged in.

Ans:- The three types of occupations where people generally engaged in are discussed below: 

(i) Primary occupation: Primary occupation refers to dealing with nature. In this career, such as farmers, fishers, and miners, an individual is concerned with the job of the environment or raw resources.

(ii) Secondary occupation: Secondary occupations are all tasks undertaken in addition to regular employment that do not relate to private life. These include extra work in other employment, performing assignments, or conducting a personal business in addition to one’s ordinary employment.

(iii) Tertiary occupation: Tertiary occupation is employment in the tertiary or the service sector. It is known as the service sector. The tertiary sector provides useful services for the primary and secondary sectors. Banking, insurance trade and communications come under this sector.

14. If there is no regularity in dealing, an activity cannot be called business. Do you agree? Give reasons in support of your answers.

Ans:- Yes, Regularity of economic transactions is the essence of business. There should be continuity or regularity of exchange of goods and services for money.Business is a regular activity. It seeks regularity in every aspect. Regularity in dealings is one of the important characteristics of business.For example, if a person sells his house and earns some profit, it cannot be called a business. 

15. Despite uncertainty of return, why is a businessman willing to invest money in the business?

Ans:- A Businessman knows that risk and reward go hand in hand. The greater the risk of uncertainty, the greater the chances of higher returns on our Investments. By embracing risk management, businesses can turn uncertainty into opportunities. Risk management is a critical component of dealing with uncertainty. It involves identifying potential risks, analysing their likelihood and potential impact, and developing strategies to mitigate those risks.

16. Profit earning is the main objective of business. Explain.

Ans:- The success of any business depends on its ability to continually earn profits. Profit equals a company’s revenues minus expenses. Earning a profit is important to a business because profitability impacts whether a company can secure financing from a bank, attract investors to fund its operations and grow its business. Company that does not initially have investors or financing, profit may be the corporation’s only capital. Without sufficient capital or the financial resources used to sustain and run a company, business failure is imminent.

17. Explain the economic objectives of business.

Ans:- The essential objective of economic business are as follows: 

(i) Creation of customers: A business unit cannot survive unless there are customers to buy the products and services. Again a businessman can earn profits only when he/she provides quality goods and services at a reasonable price. For this it needs to attract more customers for its existing as well as new products. This is achieved with the help of various marketing activities.

(ii) Continuous innovations: Business is highly dynamic and an enterprise can continue to be successful only by adopting itself to change in its environment. Innovation means changes, which bring about improvement in products. process of production and distribution of goods. Reduction in cost and increase in sales gives more profit to the businessman. Use of power- looms in place of handlooms, use of tractors in place of hand implements in farms etc. are the results of innovation.

(iii) Best possible use of resources: As you know, to run any business you must have sufficient capital or funds. The amount of capital may be used to buy machinery and raw materials, to employ men and have cash to meet day-to-day expenses. Thus, business activities require various resources like men. materials. money and machines. This objective can be achieved by employing efficient workers, making full use of machines and minimising wastage of raw materials. 

18. Enumerate the social objective of business.

Ans:- Some the important objective of social business are discussed below:

(i) Production and supply of quality goods and services: Since the business utilises the various resources of the society, the society expects to get quality goods and services from the business. The objective of business should be to produce better quality goods and supply them at the right time and at a right price. They should charge the price according to the quality of the goods and services provided to the society.

(ii) Adoption of fair trade practices: In every society, activities such as hoarding, black-marketing and over- charging are considered undesirable. Besides, misleading advertisements often give a false impression about the quality of products. The business unit must not create artificial scarcity of essential goods or raise prices for the sake of earning more profits. All these activities earn a bad name and sometimes make the businessmen liable for penalty and even imprisonment under the law. Therefore, the objective of business should be to adopt fair trade practices for the welfare of the consumers as well as the society.

(iii) Contribution to the general welfare of the society: Business units should work for the general welfare and upliftment of the society. This is possible through running of schools and colleges for better education, opening of vocational training centres to train the people to earn their livelihood, establishing hospitals for medical facilities and providing recreational facilities for the general public like parks, sports complexes etc.

19. Explain the importance of national objectives of business.

Ans:- The national objectives of business are listed below: 

(i) Creation of employment: One of the important national objectives of business is to create opportunities for gainful employment of people. This can be achieved by establishing new business units, expanding markets, widening distribution channels, etc.

(ii) Promotion of social justice: As a responsible citizen, a businessman is expected to provide equal opportunities to all persons with whom he/she deals. She/he is also expected to provide equal opportunities to all the employees to work and progress. Towards this objective special attention must be paid to weaker and backward sections of the society.

(iii) Production according to national priority: Business units should produce and supply goods in accordance with the priorities laid down in the plans and policies of the Government. One of the national objectives of business in our country should be to increase the production and supply of essential goods at reasonable prices.

(iv) Contribute to the revenue of the country: The business owners should pay their taxes and dues honestly and regularly. This will increase the revenue of the government, which can be used for the development of the nation.

(v) Self – sufficiency and export promotion: To help the country to become self-reliant, business units have the added responsibility of restricting import of goods. Besides, every business unit should aim at increasing exports and adding to the foreign exchange reserves of the country.

20. Enumerate and explain the human objectives of business.

Ans:- The important of human objectives of business are listed below:

(i) Economic well being of the employees In business employees must be provided with fair remuneration and incentives for performance, benefits of provident fund, pension and other amenities like medical facilities, housing facilities etc. By this they feel more satisfied at work and contribute more for the business.

(ii) Social and psychological satisfaction of employees It is the duty of business units to provide social and psychological satisfaction to their employees. This is possible by making the job interesting and challenging, putting the right person in the right job and reducing the monotony of work. Further, grievances of employees should be given prompt attention and their suggestions should be considered seriously when decisions are made. If employees are happy and satisfied they can put their best efforts in work.

(iii) Development of human resources: Employees as human beings always want to grow professionally. Their growth requires proper training as well as development. Business can prosper if the people employed can improve their skills and develop their abilities and competencies in course of time. Thus, it is important that business should arrange training and development programmes for its employees.

(iv) Well being of socially and economically backward people:  Business units being inseparable parts of society should help backward classes and also people those are physically and mentally challenged. This can be done in many ways. For instance, vocational training programme may be arranged to improve the earning capacity of backward people in the community, Business units can also help and encourage meritorious students by awarding scholarships for higher studies.

21. Explain the global objective of business.

Ans:- The essential objective of global objective business are as follows:

(i) Raise general standard of living: Growth of business activities across national borders makes available quality goods at reasonable prices all over the world. The people of one country get to use similar types of goods that people in other countries are using. This improves the standard of living of people.

(ii) Reduce disparities among nations: Business should help to reduce disparities among the rich and poor nations of the world by expanding its operation. By way of capital investment in developing as well as underdeveloped countries. It can foster their industrial and economic growth.

(iii) Make available globally competitive goods and services: Business should produce goods and services which are globally competitive and have huge demand in foreign markets. This will improve the image of the exporting country and also earn more foreign exchange for the country.

22. What is meant by social responsibilities of business?

Ans:- The concept of social responsibility discourages businessmen from adopting unfair means like black-marketing, hoarding, adulteration, tax evasion and cheating customers etc. to earn profit. Instead of this, it encourages them to earn profit through judicious management of the business, by providing better working and living conditions to its employees, providing better products, after sales-service, etc. to its customers and simultaneously to control pollution and conserve natural resources.

23. Prepare a list of the interest groups with whom business interacts in its day- to-day activities.

Ans:- The various responsibilities that a business has towards different groups with whom it interacts. The business generally interacts with

owners,

investors,

employees, 

suppliers,

customers, 

competitors, 

government and society.

24. Why should business be responsible to the society? Give any three reasons.

Ans:- A society consists of individuals, groups, organisations, families etc. They all are the members of the society. They interact with each other and are also dependent on each other in the performance of almost all activities. 

Responsibilities towards society, which may be as follows:

(i) To help the weaker and backward sections of the society.

(ii) To preserve and promote social and cultural values:

(iii) To generate employment.

25. State the responsibilities of business towards customers.

Ans:- The responsibilities of business towards its customers:

(i) Products and services must be able to take care of the needs of the customers.

(ii) Products and services must be qualitative.

(iii) There must be regularity in supply of goods and services.

(iv) Price of the goods and services should be reasonable and affordable.

(v) All the advantages and disadvantages of the product as well as procedure to use the products must be informed to the customers.

(vi) There must be proper after-sales service.

(vii) Grievances of the consumers, if any, must be settled quickly. and

(viii) Unfair means like under weighing the product, adulteration etc. must be avoided.

26. In what way should the business be responsible to the government?

Ans:- Business responsible to the government in the below manner:

(i) Setting up units as per guidelines of the government.

(ii) Payment of fees, duties and taxes regularly as well as honestly.

(iii) Not to indulge in monopolistic and restrictive trade practices.

(iv) Conforming to pollution control norms set up by the government. and

(v) Not to indulge in corruption through bribing and other unlawful activities.

27. Define environmental pollution and state the types of environmental pollution.

Ans:- Environmental pollution refers to contamination of environment by various substances that have adverse effects on living and non-living matters.

Environmental pollution is of three types:

(i) Air Pollution: The air pollution refers to the presence of any unwanted gases, dust particles etc. in the air, that can cause damage to people as well as nature.

(ii) Water Pollution: Water pollution refers to contamination of water due to presence of unwanted and harmful substances thus, making water unfit for use.

(iii) Land Pollution: Land Pollution refers to dumping of useless, unwanted as well as hazardous substances on the land that degrades the quality of soil we use. Our land gets polluted because of human carelessness towards the soil.

28. Explain the various causes of air pollution.

Ans:- Some of the common causes of air pollution are:

(i) Emission of fumes from vehicles.

(ii) Emission of smoke, dust and chemicals from manufacturing plants.

(iii) Emission of gases and dust arising from atomic plants

(iv) Emission of smoke from oil refineries, burning of trees and plants in forests, burning of coal etc.

29. State three important impacts of air pollution.

Ans:- Air pollution has a lot of impact on our surroundings and on us. 

Some of them are-

(i) Presence of gases in air, which are not required by human beings, animals and birds, creates serious health problems. It can create diseases like asthma, cough and cold, blindness, hearing loss, skin disease etc. It also causes genetic disorders. In the long run and in extreme cases it can also be fatal.

(ii) Air Pollution creates smog in the winter, which is caused by smoke and dust when they mix with fog. It reduces natural visibility and irritates the eyes and respiratory tract.

(iii) Ozone layer is a protective layer of gases around our earth, which protects us from harmful ultraviolet rays that come from the sun. It gets depleted because of air pollution and thereby causes gene mutation, genetic defects and skin cancer.

30. What are the effects of water pollution?

Ans:- The effects of water pollution are:

(i) It can create health hazards among human beings, animals and birds resulting into diseases like typhoid, jaundice, cholera, gastroenteritis etc.

(ii) It can endanger lives of various aquatic species.

(iii) It can lead to scarcity of drinking water as the water of rivers and canals as well as underground water gets polluted.

31. How does business pollute the environment? State any five points?

Ans:- Traffic congestion, external costs, pollution, the use of non-renewable resources, and improper waste disposal are some of the adverse effects businesses have on the environment.

Business causes pollution in the following ways:

(i) Emission of gas and smoke from manufacturing plants.

(ii) Use of machines, vehicles etc. contributing to noise pollution.

(iii) Deforestation due to acquisition of forest lands for setting up plants.

(iv) Growth of urbanisation and industrialization.

(v) Disposal of wastes and effluents into rivers and canals.

32. Describe the role of business in preventing environmental pollution.

Ans:- Business can help in three ways to control environmental pollution- Preventive, Curative and Awareness.

(i) Preventive Role: It means business should take all steps so that no further damage is done to the environment. For this, business must follow the regulations laid down by government to control pollution. Businessmen should come forward to play a major role in preventing further damage done to the environment by human beings.

(ii) Curative Role: It means business should rectify whatever damage has been done to the environment. In addition, if it is not possible to prevent pollution then simultaneous curative measures can be taken. For example, planting of trees (a forestation programme) can substantially reduce air pollution near the industrial area.

(iii) Awareness Role: It means making people (both the employees as well as the general public) aware about the causes and consequences of environmental pollution so that they voluntarily try to protect rather than damage the environment. For example, business can undertake public awareness programmes. Now- a-days, we find that some business houses have taken the responsibility to develop and maintain parks and gardens in cities and towns, which shows that they care for the environment.

33. Enumerate the important events that influenced Indian business during the British rule.

Ans:- India began its journey in the field of trade and commerce as back as 5000 B.C. Historical evidence are there to prove that there were planned cites were available in India at that time and Indian textile, jewellery and perfumes used to be admired by the people all over the world.   India used to export as well as import a number of items to and from different part of the world. It is also well known that the British first came to India as traders, which led to the establishment of their rule here.

The industrial revolution made a huge impact on Indian economy. The established east India company benefitted English manufacturers. Raw materials were exported from India and finished goods were brought back.

34. India has contributed significantly to the World of business. Describe any four contributions to support this statement.

Ans:- India has contributed to the world of trade and business in a number of ways. 

(i) The numerical system of calculation used even in modern time, was developed in India.

(ii) The joint family system and division of labour in business have evolved here, which are practised even today. The modern technique of customer focussed business has been an integral part of Indian business since long.

(iii) India is the 10th biggest economy in the world. India contributes about 4.7% in world trade. The export items of India are tea, pearls, precious stones, pharmaceutical products, rice, spices, iron-ore, and textile yarns. 

(iv) India is the biggest exporter of rice, tea, and ayurvedic items.