Components of Business Studies 8th Notes KSEEB Social Science
→ The term business is derived from the word “busy”
→ We need many house hold requirements, we meet these requirements from the shopkeeper.
→ The shop keep gets from wholesaler.
→ The wholesaler gets from manufactures.
→ The shop keeper, the wholesaler, the manufacturer are doing business and there they are called Businessmen.
→ Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants.
→ The activities which are concerned with the production and exchange of goods and services are called economic activities.
→ Human beings have innumerable wants.
→ Economic activities can be broadly classified into 3 types. They are Business, profession and employment.
→ Business is mainly concerned with the production and exchange of goods and services.
→ Profession mainly concerned with rendering of speciallized technical and personal services.
ex: lawyers, doctors, chartered accountant etc,.
→ Employment is the work undertaken by the people under an employer for salary or wages, ex. agricultural labourers, Industrial Laboures.
→ The distribution of goods and services is called exchange.
→ Exchange is the connecting link between production and consumption.
→ The direct exchange of goods for goods or other things is called Barter system of exchange.
→ The Introduction of bank money as medium of exchange resulted in the fast growth of commerce.
→ Commerce is developing at a greater speed