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Nature And Purpose Of Business

Question

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Define economic and non-economic activities.

Solution

Economic activities :

1. These activities are based on economic motives like production of sugar, cement etc.

2. People expect profit or money income.

Non-economic activities :

1. These activities are based on social and psychological motives.

2. People do not expect profits or money income.

Some More Questions From Nature and Purpose of Business Chapter

Define External Trade.

Define risk.

Name the functions of business.

How is business an economic activity?

Explain how industry, trade and commerce are related.

What is the role of profit in business?

How auxiliaries to trade help in removing hindrance?

What is business risk. What is its nature?

How would you classify business activities?

What are various types of industries?

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