Business and Industry Questions and Answers KSEEB Class 8 Social Science

Business and Industry Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with appropriate words.

Question 1.
The best example for entrepot trade is _____________ .
Answer:
Singapore

Question 2.
Cottage Industries are mainly concentrated in _____________ .
Answer:
Villages.

Question 3.
The manufacture of chemicals is carried out in _____________ Industries.
Answer:
Small scale

Question 4.
The sole objective of business should be earning _____________ profit.
Answer:
reasonable

Question 5.
To safe guard the quality of goods _____________ institution has been started.
Answer:
ISI

II. Answer each of the following questions in two to four sentences.

Question 1.
What is Business?
Answer:
Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers.

Question 2.
Which are the different types of mobile shops?
Answer:
They do not have a fixed place to carry on their on their trade. The important among them are howkers, peddlers, street vendor and market vendors.

Question 3.
Who are wholesalers?
Answer:
Wholesale traders buy goods in large quantity from producers and sell them to the retailers in small quantities. They help the retailers in many ways.

Question 4.
Name the 3 types of foreign Trade.
Answer:
Foreign trade can be classified into 3 types. They are

1. imports,
2. Exports and
3. Enterpot trade.

Question 5.
Mention the important goods produced by cottage and small scale Industries.
Answer:
Cottage Industries – carpentary goods, blacksmith gold smith – Jewelry works, black smith – axe, knife, hammers etc. weavers- cotton and silk cloth (Khadhi) blanket making.

pottery makers, stone making, small scale Industries: Manufacture of engineering goods, electrical goods, bicycles, shoes, fans, radio, sewing machines, soap, garments etc.

Question 6.
Which organisations overcome the hinderance of place and risk ?
Answer:
Hindarance of place transporation or help to reach the goods from producers to the traders and from trader to the consumers.

Financial Service: Bank money problems are solved by banks. Bank provide finance to the traders and serve to conduct to business smoothly.

Hindrance of loss: Insurance companies. The insurance companies help business by making good and loss incurred by fire or water or that caused by natural calmities and thus help for the smooth conduct of business.

Hindrance of Time storage: The ware houses are scientifically constructed and many warehouses have cold storage facilities.

Hindarance of knowledge Advertisement: When new goods are introduced in to the market knowledge about them is also required or knowledge about alternatives is also to be given to the consumers for all these proposes advertising services are very useful.

Question 7.
Mention the anti social activities of traders to earn more profit.
Answer:
To earn more profits, some antisocial and unethical practices are followed. Some of them are – adulterain, charging excess or abnormal rates, using false weights and measures, creating artificial scarcity by holding the goods and carrying out black marketing etc. There are unethical business practices.

Question 8.
What are the steps taken by the government to over come anti social practices in business?
Answer:
To avoid anti social activities, the government has introduced public distribution system. Supplying essential commodities through fair price shops operated by the government agencies.

To maintain the standard of goods and essential commodities the government has opened an institution Bureau of Indian Standards.

ISI and AGMARK marks are printed on goods and commodities to certify their quality etc.
Every Industrial product must have a seal on its cover pack, the quantity, the date of manufacture, date of expiry, maximum retail price (MRP). It is a legal mandatory provision.

III. Answer each of the following questions in eight to ten sentences.

Question 1.
What are the economic objectives of business? Business has two main objectives.
Answer:

1. Economic objectives
2. Social objectives.

Economic objections: Earning profit is the main objetcive of Business. Sole objective of busines includes earning reasonable profit that is sufficient to enable the business to cover the costs and the Business man to lead a normal comfortable life.

Question 2.
What are the social objects of Business Social objective:
Answer:
Business produces goods
and supplies the goods that are required for the development of nation. It provides employment to many and pays them fair, wages and salaries and helps them to improve their standard of living, Business also contributes a fair share for the social welfare of the nation by starting and running of schools, colleges, hospitals and also by maintaing public gardens etc.

Question 3.
Mention the services rendered by retail traders?
Answer:
Retailers carry out their trade at places where consumers live. They render various services to the consumers. They supply variety of goods produced by different producers to the consumers. They stored the goods to meet the demand of the consumers.

They take the risk of loss in business or loss of goods. They grade the goods and supply according to the tastes of the consumers. They provide credit facilities to the consumers. They give more information about the newly available goods in the market and suggest alternative goods of the particular goods.

Question 4.
List out the different retail trades and write two/ Three sentence on each of them.
Answer:
The important retail shop keepers are
(a) Permanent shops
(b) Itinerant or mobile traders.

Permanent shops: They opened at fixed place and carry on their trade. They are – Hawkers, peddlers, street vendors and market vendors.

Hawkers: They carry goods on their needs, move from ‘door to door’ and sell their goods.
Ex. vegetables, fruits, flowers etc.

Street venders’ They display goods in busy street corners of on payments and sell them to the consumers.

Peddlers: They carry their goods on wheeled earth and sell them to the consumers at their doors. They generally sell more then one type of goods, market seller (shandy sellers) Weekly markets, take place at villages or towns once in a week. Different traders take their goods to these markets and sell them to the consumers.
Ex. vegetables, fruits,grams, butter, agriculture implements, cloths etc.

Question 5.
Explain two type of Industries.
Answer:

1. Primary Industries
2. Secondary Industries.

1. Primaty Industries: These Industries produce goods by using the natural resources. It can be classified into two types :
(i) Genetic Industries These Industries are engaged in reproduction of different crops, plants and animals.
Ex. horticulture, dairy farming, poultry farming.

(ii) Extractive Industries: They engaged in extracting different row materials and ares from the earth.
ex: Extraction of are, drilling of oil well etc.

2. Secondary Industries: They are labour oriented industries. They are further divided into manufacturing Industries, construction Industries. Manufacturing Industry. These Industries are engaged in converting raw materials into finished products.
Ex. Irons steel, sugar Etc. Construction Industries. They are engaged in construction of roads, canals, bridges etc.

Question 6.
What is the need of foreign trade to a country ?
Answer:
No country in the world is self sufficient in all the natural resources. Some countries have plenty of natural resources. They produce excess and export them to the country who wanted them, and earn foreign money. Thus there is a great need for foreign trade. The need for foreign trade is increasing day by day. It also helps to foster friendship among the countries.

Additional Questions and Answers

Question 1.
Cottage industries produce goods mainly for ______________ markets.
Answer:
Local

Question 2.
______________ carry good on their heads and sell.
Answer:
Hawkers

Question 3.
______________ carry their goods on wheeled carts and sell.
Answer:
Peddlers

Question 4.
The trade between two countries is known as ______________ .
Answer:
foreign trade.

Question 5.
Small scale industries manufactured goods for the ______________ and ______________.
Answer:
local and external market

Question 6.
Warehouses have cold storage ______________
Answer:
facilities

Question 7.
ISI means ______________ .
Answer:
Indian standard institution

Question 8.
AGMARK stands for ______________ .
Answer:
Agricultural marketing

Question 9.
What are the institutions set up by the government to maintain standard of foods and essential commodities?
Answer:

• Indian standard Institution (ISI)
• Agricultural marketing (AGMARK)

Question 10.
What is business ?
Answer:
Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers.

Question 11.
What are the two main objectives of business?
Answer:
The two man obectives are economic and social objectives?

Question 12.
What are the types of trade?
Answer:
The three types of trade are home trade, foreign trade and Entrepot trade.

Question 13.
What is home trade?
Answer:
Trade within the country is called home trade.

Question 14.
What is retail trade?
Answer:
Trade within the country is called home trade.

Question 15.
How is retail trade carried on?
Answer:
The retail trade is carried on in two types, they are permanent shops and internet or mo¬bile traders.

Question 16.
What is foreign trade?
Answer:
The trade between two countries is called foreign trade.

Question 17.
What is import?
Answer:
Import refers to a country buying goods from other countries for its use.

Question 18.
What is export?
Answer:
Export refers to a country selling its goods to other countries for this use.

Question 19.
What is entrepot trade?
Answer:
Enterpot trade refers to buying of goods from one country with a view to sell it to other countries.

Question 20.
Give examples for Entrepot trade?
Answer:
Singapore and middle east countries are the best examples for enterpot trade.

Question 21.
How are primary industries classified?
Answer:
Primary industries are classified into two types they are genetic industries and extractive industries.

Question 22.
What are industries?
Answer:
Industries are converted with production of goods, extraction of minerals and also providing some services.

Question 23.
What are manufacturing industries?
Answer:
The industries which are converting raw materials are semi finished products, into finished products, are called manufacturing industries.

Question 24.
What is business? What are its types?
Answer:
Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers. The two types of business are

1. Economic objective and
2. Social objective.

Question 25.
Who are Hawkers?
Answer:
The people who carry goods on their heads, l move from door to door and sell their goods. They generally sell only one or two types of goods, ex: vegetables, fruits, flowers.

Question 26.
Who are peddlers?
Answer:
People who carry their goods on wheeled carts and sell them to the consumers at their doors, they generally sell more than one type of goods.

Question 27.
What is forcing trade? Mention its types.
Answer:
The trade between two countries is called foreign trade. They are import, export and entrepot trade.

Question 28.
Write the differences between cottage and small scale industries.?
Answer:
Cottage industries.
(a) They are carried out in own houses
(b) Craftsmen i.e. family members and apprentices are involved.
(c) They produce goods mainly for the local markets
(d) Simple methods are used.

8th Standard Social Science Question and Answer