Classification of Economic and Non-Economic Activities
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Questions and Answers

What are economic activities?

  • Religious activities
  • Activities performed out of love and affection
  • Social work
  • Activities carried out with the goal of earning money and livelihood (correct)

    • What is the role of business activities in the development of the economy?

  • Business activities are limited to local trade only
  • Business activities were used for further investments in ancient times (correct)
  • Business activities have been undertaken only in modern times
  • Business activities have no role in the development of the economy

    • Which of the following is an example of non-economic activities?

  • Teaching in a school
  • Business activities
  • Working in a factory
  • Social work (correct)

    • Which of the following is NOT an ancient trade centre mentioned in the text?

    <p>Delhi</p> Signup and view all the answers

    What is a Hundi?

    <p>An instrument of exchange involving a payment warrant and a promise or order</p> Signup and view all the answers

    What are non-economic activities based on?

    <p>Love, affection, sympathy, etc.</p> Signup and view all the answers

    What is the role of business ethics in an organization?

    <p>It guides decision-making and conduct while upholding integrity and responsibility</p> Signup and view all the answers

    How does ethical business conduct impact a company's reputation?

    <p>It creates a positive reputation and builds trust with stakeholders</p> Signup and view all the answers

    What is the definition of business ethics?

    <p>The set of moral principles and values guiding the behavior of individuals and organizations in the business world</p> Signup and view all the answers

    What is the main purpose of business ethics?

    <p>To guide decision-making and actions while upholding integrity and responsibility</p> Signup and view all the answers

    How do ethical business practices impact relationships with stakeholders?

    <p>They build trust and positive relationships with stakeholders</p> Signup and view all the answers

    What does business ethics serve as for decision-making and actions?

    <p>A framework for navigating complex situations while upholding integrity and responsibility</p> Signup and view all the answers

    What is the impact of ethical behavior on employee morale and retention?

    <p>It leads to high turnover rates and low employee commitment</p> Signup and view all the answers

    How can unethical business practices affect a company's reputation?

    <p>They can result in a loss of customer trust and negative media coverage</p> Signup and view all the answers

    Which aspect is an example of corporate social responsibility (CSR) mentioned in the text?

    <p>Embracing sustainable practices and community involvement</p> Signup and view all the answers

    How does ethical leadership impact an organization?

    <p>It sets a positive example for the teams and establishes a culture of ethics</p> Signup and view all the answers

    What are the potential consequences of violating ethical standards according to the text?

    <p>Legal repercussions and damage to the company's standing in the eyes of the law and the public</p> Signup and view all the answers

    In what way can unethical behavior impact employee morale?

    <p>It can lead to disillusionment among employees</p> Signup and view all the answers

    What is an example of a company embracing corporate social responsibility (CSR) as mentioned in the text?

    <p>Aligning business practices with ethical and ecological principles such as environmental sustainability</p> Signup and view all the answers

    What impact can unethical practices have on the company's bottom line?

    <p>It can lead to a decline in sales and profitability</p> Signup and view all the answers

    Study Notes

    Economic Activities and Business Development

    • Economic activities refer to all the activities that are undertaken to create, distribute, and exchange goods and services to satisfy human wants.
    • Business activities play a crucial role in the development of the economy by creating employment opportunities, generating income, and contributing to the GDP.

    Non-Economic Activities

    • Non-economic activities are driven by personal or social motives rather than economic gain.
    • Examples of non-economic activities include volunteering, charitable work, and leisure activities.

    Ancient Trade Centres

    • The ancient trade centres mentioned in the text are not specified.

    Hundi

    • A Hundi is a type of financial instrument used in ancient India for trade and commerce.

    Business Ethics

    • Business ethics refers to the principles and values that guide the behavior of individuals and organizations in the business world.
    • The main purpose of business ethics is to ensure that businesses operate in a responsible and sustainable manner.
    • Business ethics serves as a guide for decision-making and actions, and helps to build trust and credibility with stakeholders.

    Impact of Ethical Business Conduct

    • Ethical business conduct can enhance a company's reputation, improve relationships with stakeholders, and increase employee morale and retention.
    • Unethical business practices can damage a company's reputation, lead to financial losses, and negatively impact employee morale.

    Corporate Social Responsibility (CSR)

    • Corporate social responsibility refers to the responsibility of businesses to contribute to the well-being of society and the environment.
    • Examples of CSR include philanthropic donations, community development programs, and environmental sustainability initiatives.
    • Embracing CSR can enhance a company's reputation, improve relationships with stakeholders, and contribute to the well-being of society.

    Ethical Leadership and Consequences

    • Ethical leadership can have a positive impact on an organization by fostering a culture of integrity and responsibility.
    • Violating ethical standards can have severe consequences, including legal penalties, financial losses, and damage to reputation.

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    Description

    Learn about different types of activities in daily life, including economic and non-economic activities. Explore the categories such as business, profession, employment, and non-economic activities.

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