Podcast
Questions and Answers
What is the primary objective of a business?
What is the primary objective of a business?
- Making profit (correct)
- Social welfare
- Providing service
- Special skill development
What defines a profession in comparison to a business?
What defines a profession in comparison to a business?
- Monetary gain
- Selling products
- Special skills and services (correct)
- Continuous production of goods
Which of the following is an essential requirement for a profession?
Which of the following is an essential requirement for a profession?
- Special skill (correct)
- Employee training
- Market research
- Business license
Which occupation is specifically associated with a Chartered Accountant?
Which occupation is specifically associated with a Chartered Accountant?
How can business activities be characterized?
How can business activities be characterized?
In what way do transportation activities relate to business?
In what way do transportation activities relate to business?
Which of the following best describes the nature of business activities?
Which of the following best describes the nature of business activities?
What is the relationship between goods and services in business?
What is the relationship between goods and services in business?
Which characteristic defines a business that focuses solely on consumer needs?
Which characteristic defines a business that focuses solely on consumer needs?
What distinguishes a business from a personal transaction?
What distinguishes a business from a personal transaction?
What is a key reason isolated transactions are not considered business?
What is a key reason isolated transactions are not considered business?
Which of the following best describes why investment is important for a business?
Which of the following best describes why investment is important for a business?
What is the primary objective of economic activities?
What is the primary objective of economic activities?
What is the primary aim of business activities?
What is the primary aim of business activities?
Which of the following activities would be categorized as a non-economic activity?
Which of the following activities would be categorized as a non-economic activity?
Which of the following is a defining characteristic of business?
Which of the following is a defining characteristic of business?
Which of the following actions would NOT classify as a business activity?
Which of the following actions would NOT classify as a business activity?
Why is regularity in transactions a requirement for defining a business?
Why is regularity in transactions a requirement for defining a business?
Which of the following best represents a non-economic activity?
Which of the following best represents a non-economic activity?
Business primarily engages in which type of activity?
Business primarily engages in which type of activity?
What type of goods includes items such as machinery and equipment?
What type of goods includes items such as machinery and equipment?
Which of the following is NOT an example of an economic activity?
Which of the following is NOT an example of an economic activity?
Social responsibilities of a business do NOT typically include which of the following?
Social responsibilities of a business do NOT typically include which of the following?
What is a key difference between economic and non-economic activities?
What is a key difference between economic and non-economic activities?
What is one way businesses can ensure employees attain economic well-being?
What is one way businesses can ensure employees attain economic well-being?
How can businesses improve social and psychological satisfaction for employees?
How can businesses improve social and psychological satisfaction for employees?
What is essential for the professional growth of employees?
What is essential for the professional growth of employees?
In what way can businesses support socially and economically backward individuals?
In what way can businesses support socially and economically backward individuals?
Why is it important for businesses to consider employee suggestions seriously?
Why is it important for businesses to consider employee suggestions seriously?
Which of the following is NOT mentioned as a benefit for employees in a business setting?
Which of the following is NOT mentioned as a benefit for employees in a business setting?
What might help reduce the monotony of work for employees?
What might help reduce the monotony of work for employees?
What kind of support can businesses provide to encourage meritorious students?
What kind of support can businesses provide to encourage meritorious students?
Which of the following is a global objective of business related to living standards?
Which of the following is a global objective of business related to living standards?
How can businesses reduce disparities among nations?
How can businesses reduce disparities among nations?
What type of goods should businesses aim to produce in a global market?
What type of goods should businesses aim to produce in a global market?
Which of the following is NOT considered a social responsibility of business?
Which of the following is NOT considered a social responsibility of business?
What is a primary aim of globalization for businesses?
What is a primary aim of globalization for businesses?
What is the role of business in society beyond profit-making?
What is the role of business in society beyond profit-making?
Which factor is essential for businesses to enhance their image on a global scale?
Which factor is essential for businesses to enhance their image on a global scale?
How should businesses approach their responsibility towards investors?
How should businesses approach their responsibility towards investors?
Study Notes
Human Activities
- Activities undertaken by humans are classified as economic and non-economic.
- Economic activities are performed with the aim of earning money, such as farming, factory work, and business.
- Non-economic activities are performed for satisfaction, social obligation, or recreation, such as religious practices, helping flood victims, and gardening.
Business
- Business involves regular production or purchase of goods and services for sale, transfer, and exchange with the objective of making a profit.
Characteristics of Business
- Deals in goods and services.
- Involves the sale or exchange of goods and services.
- Requires regular exchange of goods and services.
- Requires investment of land, labor, or capital.
- Aims to earn profit.
Objectives of Business
- Economic objectives focus on financial goals, such as:
- Profit maximization
- Growth and expansion
- Efficiency and productivity
- Market share
- Social objectives consider the well-being of society and stakeholders:
- Employees: Fair wages, job satisfaction, training and development, and employee well-being.
- Consumers: Quality goods and services at reasonable prices.
- Society: Environmental protection, community development, and ethical business practices.
- Global objectives focus on international expansion and competitiveness:
- Raising the general standard of living globally.
- Reducing disparities between nations.
- Providing globally competitive goods and services.
Social Responsibility of Business
- Business has social responsibilities beyond profit maximization, including:
- Providing a fair return to investors.
- Ensuring good wages, security, and working conditions for employees.
- Providing quality goods and services to consumers.
- Protecting the environment.
- Contributing to community development.
- While fulfilling social responsibilities, businesses should avoid treating it as charity.
- Businesses should strive for a balance between economic objectives and social responsibilities.
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Description
Test your understanding of the distinctions between economic and non-economic activities. This quiz covers the characteristics of business and its objectives. Learn about how these activities impact society and profit-making.
