Economic vs Non-Economic Activities Quiz
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Questions and Answers

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?

  • Monetary gain
  • Selling products
  • Special skills and services (correct)
  • Continuous production of goods

    • 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?

    <p>Providing service</p> Signup and view all the answers

    How can business activities be characterized?

    <p>Continuous and profit-oriented</p> Signup and view all the answers

    In what way do transportation activities relate to business?

    <p>They contribute to service activities and livelihood</p> Signup and view all the answers

    Which of the following best describes the nature of business activities?

    <p>Regular production or purchase for exchange</p> Signup and view all the answers

    What is the relationship between goods and services in business?

    <p>Both are produced for profit and exchanged</p> Signup and view all the answers

    Which characteristic defines a business that focuses solely on consumer needs?

    <p>Deals in goods and services</p> Signup and view all the answers

    What distinguishes a business from a personal transaction?

    <p>Exchange of goods for money or barter</p> Signup and view all the answers

    What is a key reason isolated transactions are not considered business?

    <p>They are seldom repeated</p> Signup and view all the answers

    Which of the following best describes why investment is important for a business?

    <p>It facilitates the production of goods and services</p> Signup and view all the answers

    What is the primary objective of economic activities?

    <p>To earn money</p> Signup and view all the answers

    What is the primary aim of business activities?

    <p>To earn profit</p> Signup and view all the answers

    Which of the following activities would be categorized as a non-economic activity?

    <p>Volunteering at a shelter</p> Signup and view all the answers

    Which of the following is a defining characteristic of business?

    <p>Buying and selling goods or services</p> Signup and view all the answers

    Which of the following actions would NOT classify as a business activity?

    <p>Buying groceries for personal use</p> Signup and view all the answers

    Why is regularity in transactions a requirement for defining a business?

    <p>It indicates long-term viability</p> Signup and view all the answers

    Which of the following best represents a non-economic activity?

    <p>Participating in a community cleanup</p> Signup and view all the answers

    Business primarily engages in which type of activity?

    <p>Mainly economic activity to generate profit</p> Signup and view all the answers

    What type of goods includes items such as machinery and equipment?

    <p>Capital goods</p> Signup and view all the answers

    Which of the following is NOT an example of an economic activity?

    <p>Graduating from college</p> Signup and view all the answers

    Social responsibilities of a business do NOT typically include which of the following?

    <p>Maximizing profit at any cost</p> Signup and view all the answers

    What is a key difference between economic and non-economic activities?

    <p>Economic activities have an earning motive, whereas non-economic activities do not</p> Signup and view all the answers

    What is one way businesses can ensure employees attain economic well-being?

    <p>By ensuring fair remuneration and incentives</p> Signup and view all the answers

    How can businesses improve social and psychological satisfaction for employees?

    <p>By addressing employee grievances promptly</p> Signup and view all the answers

    What is essential for the professional growth of employees?

    <p>Proper training and development</p> Signup and view all the answers

    In what way can businesses support socially and economically backward individuals?

    <p>By arranging vocational training programs</p> Signup and view all the answers

    Why is it important for businesses to consider employee suggestions seriously?

    <p>It enhances job satisfaction and productivity</p> Signup and view all the answers

    Which of the following is NOT mentioned as a benefit for employees in a business setting?

    <p>Flexible working hours</p> Signup and view all the answers

    What might help reduce the monotony of work for employees?

    <p>Job rotation and interesting tasks</p> Signup and view all the answers

    What kind of support can businesses provide to encourage meritorious students?

    <p>Scholarships for higher studies</p> Signup and view all the answers

    Which of the following is a global objective of business related to living standards?

    <p>Raise general standard of living</p> Signup and view all the answers

    How can businesses reduce disparities among nations?

    <p>Through capital investment in developing nations</p> Signup and view all the answers

    What type of goods should businesses aim to produce in a global market?

    <p>Globally competitive goods and services</p> Signup and view all the answers

    Which of the following is NOT considered a social responsibility of business?

    <p>Providing charity to the local community</p> Signup and view all the answers

    What is a primary aim of globalization for businesses?

    <p>To expand markets and improve living standards globally</p> Signup and view all the answers

    What is the role of business in society beyond profit-making?

    <p>To fulfill social responsibilities and care for stakeholders</p> Signup and view all the answers

    Which factor is essential for businesses to enhance their image on a global scale?

    <p>Producing globally competitive goods</p> Signup and view all the answers

    How should businesses approach their responsibility towards investors?

    <p>Ensure a satisfactory rate of return</p> Signup and view all the answers

    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.

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