5 Questions
Discuss the concept and objectives of business.
The concept of business involves the production and exchange of goods and services for the purpose of earning a profit. The objectives of business include meeting customer needs, maximizing profits, and contributing to economic development.
Differentiate between occupation, profession, and employment in the context of business activities.
Occupation refers to a person's regular work or profession. Profession involves specialized knowledge and skills in a specific field. Employment refers to the act of working for a wage or salary under an employer.
Explain the contribution of business activities to the growth and development of an economy.
Business activities contribute to the growth and development of an economy by creating employment opportunities, generating income, fostering innovation, and driving economic progress through trade and commerce.
Explain the relationship between risk and profit in business.
Risk and profit are interconnected in business, where taking on greater risks can lead to the potential for higher profits. Profit serves as a reward for bearing the risks associated with business activities.
Classify the different types of industry.
Industries can be classified into primary (extractive), secondary (manufacturing), tertiary (service), and quaternary (knowledge-based) based on the nature of their activities.
Test your knowledge on the fundamentals of business with this quiz based on Chapter 1 of the Foundations of Business Rationalised 2023-24. Explore topics such as the contribution of business activities to the economy, the concept and objectives of business, categorization of business activities, classification of industry types, and understanding risk and profit.
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