Components of Business Studies Class 8 Questions and Answers KSEEB 8th Social Science

I. Fill in the blanks with appropriate words in the following sentences.

Question 1.
The economic activity that provides technical or specialized personal services to the consumers is called ______________ .
Answer:
profession

Question 2.
In olden days the goods were exchanged for goods, which was called ______________ System of exchange.
Answer:
Bartar

Question 3.
The full responsibility of paper money vests with ______________ .
Answer:
central bank of country.

Question 4.
The ______________ of communities and villages took place during ______________ stage.
Answer:
emergence, agricultural

Question 5.
The main cause for international trade was ______________
Answer:
geographical discoveries.

Components of Business Studies Questions and Answers KSEEB Class 8 Social Science

Question 6.
Trade and commerce contribute to the economic development of a country by paying ______________, ______________ and ______________ to the government.
Answer:
rates, taxes, duties

Answer the following questions in two or three sentences.

Question 1.
What is an economic activity?
Answer:
The activity which is concerned with the production and exchange of goods and services is called an economic activity.

Question 2.
Give the meaning of trade and commerce.
Answer:
Trade: Buying and selling of goods is called trade.
Commerce: Any economic activity of human being is considered as commerce.

Question 3.
What is meant by barter system of exchange?
Answer:
The direct exchange of goods for goods or other thing is called bartar system of exchange.

Question 4.
What is profession?
Answer:
Rendering of specialized technical and personal services is called as a profession.

Question 5.
What are aids to trade ? Name them.
Answer:
The aids to trade include transport, banks, were house facilities, advertisement agencies. Insurance etc.

Question 6.
What are craft guilds?
Answer:
The agriculturists wanted some tools or implements.
They wanted houses to live. To fulfil these requirements some people engaged themselves in making tools and also to construct houses. They were called craftsmmen.
ex. Blacksmith, gold smith, weaves, carpenters, potter, builders etc.

Components of Business Studies Questions and Answers KSEEB Class 8 Social Science

III. Answer each of the following question in a paragraph

Question 1.
How do production and exchange play a very important role in our daily life.
Answer:
Exchange is the connecting link between production and consumption.
The goods produced at a place have to reach consumers at different places.
During the course of production the producers take into consideration, the market study, transportation, storage of goods, determination of price, advertisement.

Question 2.
Explain the different types of economic activities
Answer:
Economic activities can be broadly classified into 3 types. They are business, profession and employment.

Business: It is mainly concerned with production and exchange of goods and services.

Profession: It is mainly concerned with rendering of specialized technical and personal services.
Ex. Lawyers, doctors, charaterd accountant etc.

Employment: It is the work under taken by the people under an employer for salary or wages.
Ex. agriculture labourers, and Industrial laboures.

Question 3.
What are the difficulties of Bartar system of exchange? How has money solved these problems?
Answer:
The important difficulties of barter system of exchange are

  • Lack of double co-incidence of wants
  • Lack of common measure of value.
  • Difficulty of sub division and
  • Difficulty to store the goods or to transport.

To overcome the difficulties of barter system of exchange many mediums of exchange were used. Later metals were used as medium of exchange. Later copper, silver and gold coins came into existence. Then paper money come to be in use and solved these problems.

Question 4.
Which are the important stages of economic evolution? Briefly explain any one.
Answer:
The important stages of economic evolution are as follows.
(a) Hunting and fishing stage
(b) Pastrol stage
(c) Agriculture stage.
(d) Handicraft stage.
(e) Bartar system stage
(f) Money economy stage
(g) Town economy stage
(h) International trade stage.

Components of Business Studies Questions and Answers KSEEB Class 8 Social Science

Additional Questions and Answers

Question 1.
Employer is also called the _______________ .
Answer:
shade

Question 2.
The Employee is called the _______________
Answer:
worker

Question 3.
_______________ is buying and selling of goods
Answer:
Trade

Question 4.
What are craft guilds?
Answer:
The body of the professional craftsmen such as carpenters, blanksmiths, weavers and builders are called craft guilds

Question 5.
Who is an employer?
Answer:
An employer is a person who appoints people to do work under him

Question 6.
Who is called employee?
Answer:
Employees are people who work under an employer for salary or wages.

Question 7.
Who is consumer?
Answer:
Consumer is a person who buys goods or uses services.

Question 8.
What is consumption?
Answer:
Consumption is the act of using services goods.

Question 9.
What is commerce?
Answer:
Any economic activity of human being is considered as commerce.

Question 10.
What is evolution?
Answer:
Evolution is the gradual change of activities that take place over a long period of time.

Question 11.
Who are called craftsmen?
Answer:
To fulfill the requirements, some people engage themselves in making tools and also construct houses. They are called craftsmen.

Question 12.
Who was the first navigator who sailed round the world?
Answer:
Magellan, a Portuguese navigator sailed first round the world.

Components of Business Studies Questions and Answers KSEEB Class 8 Social Science

Question 13.
What is trade?
Answer:
Buying and selling of goods is called trade.

Question 14.
Expand MNC
Answer:
Multi National Companies

Question 15.
How do warehouses help?
Answer:
Warehouses help to store goods and bridge the gap between production and consumption.

Question 16.
What are called economic activities? What are its classifications?
Answer:
The activities which are concerned with the production and exchange of goods and services are called economic activities. They are broadly classified into three types. They are

  1. Business
  2. Profession and
  3. Employment

Question 17.
What are the important problems of Barter system of exchange?
Answer:

  • 1. Lack double coincidence or wants.
  • Lack of common measure of value.
  • Difficulty of sub-division and
  • Difficulty to store the goods or to transport.

Question 18.
Explain pastoral stage ?
Answer:
During this stage people learnt domestication of animals. People moved from one place to another in search of grass lands.

Question 19.
What are local markets?
Answer:
People began to produce more goods.
The produces started meeting at a fixed places at periodical intervals for exchange purpose. The place are called local markets.

Components of Business Studies Questions and Answers KSEEB Class 8 Social Science

Question 20.
“21st century is called the age of development of commerce”. Justify with your answer or enumerate the development of commerce during 21st century?
Answer:
21st Century is called the age of information technology, internet banking privatization of insurance, tele market system, electronic advertisement media and such others have all over the world. Multi national companies. (MNC) have spread their business in many countries. They help to increase production and supply of goods to the world market. These companies produce specialized goods on large scale and their rates are competitive. and thus commerce is developing at a greater.

Question 21.
What is the importance of commerce?
Answer:
(a) Commerce is responsible for smooth and continuous supply of goods to consumers.
(b) It helps in bringing the factors. required for the establishment of industries.
(c) It brings the different parts of the world closer by creating one market.
(d) It helps the traders to become more adventurous.

8th Standard Social Science Question and Answer

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