KSEEB Solutions For Class 8 Social Science Business Studies Chapter 2 Business And Industry

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KSEEB Solutions Class 8 Business Studies Chapter 2 Business And Industry Points To Remember

A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. A business can be profit earning entity or a non-profit organization that operates to fulfill a charitable mission. Stephenson defines business as, “The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants.”

  • The business has two main objectives:
  1. Economic objectives
  2. Social objectives
  • Trade is divided into three types. They are:
  1. Home Trade,
  2. Foreign Trade
  3. Entrepot Trade.
  • Trade within the country is called home trade. It is carried through Retailers and Wholesalers.
  • Retail trade is carried out in different ways. They are Permanent shops, Itinerant or mobile traders.
  • Wholesale traders buy goods in large quantities from producers and sell them to retailers in small quantities.
  • The trade between two countries is called foreign trade. Foreign trade can be classified into three types. They are Imports, Exports and Entrepot trade.
  • Imports refer to a country buying goods from other countries for its use.
  • Exports refer to a country selling its goods to other countries for their use.
  • Entrepot Trade refers to buying goods from one country with a view to selling them to other countries.
  • Singapore and Middle East countries are the best examples of entrepot trade.
  • The industry is concerned with the production of goods, extraction of minerals and also providing some services.
  • Primary Industries produce goods by using natural resources, for Example:- agriculture, fishing, dairy farming, mining, etc. These industries are further divided into genetic industries and extractive industries.
  • Genetic industries are engaged in the reproduction of different crops, plants, and animals. They help to increase the wealth of a nation, for Example: – through horticulture, dairy farming, poultry farming, etc.
  • Extractive Industries are engaged in extracting different raw materials and ores from the earth. (It is also called the non-renewable industry) Example: – Extraction of ores, drilling of oil wells, etc.,
  • Manufacturing Industries are engaged in converting raw materials or semi-finished products into finished products. They are mainly labor-oriented and supply finished products to consumers, for Example:- Converting iron ore into steel, Sugar out of sugarcane, etc.
  • Construction Industries are engaged in the construction of roads, canals, bridges, etc. These industries help in the quick development of economic activities like – transport and communication etc.
  • Cottage industries are also called household industries. Carpentry, smithy, carpet weaving, pottery, blanket making, stone carving, etc. are some examples.
  • In our country to avoid such practices, the Government has introduced Public Distribution System.
  • Every industrial product must have a seal on its cover pack, which contains the quantity, the date of manufacture, the date of expiry, and the Maximum retail price (MRP). It is a legally mandatory provision.

Class 8 Business Studies Business And Industry KSEEB Notes 

KSEEB Solutions For Class 8 Social Science Business Studies Chapter 2 Business And Industry

Kseeb Solutions For Class 8 Business Studies Chapter 2 Pdf

Business And Industry Exercises

Fill in the blanks with appropriate words:

  1. The best example of Entrepot trade in Singapore.
  2. Cottage industries are mainly concentrated in villages.
  3. The manufacture of chemicals is carried out in Small Scale industries.
  4. The sole objective of business should be earning Maximum profit.
  5. To safeguard the quality of goods Bureau of Indian Standards institution has been started.

Answer each of the following questions in two to four sentences:

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

Question 2. Which are the different types of mobile shops?
Answer: The important mobile shops are Hawkers, Peddlers, Street vendors, and Market vendors.

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

Kseeb Solutions Class 8 Business Studies Chapter 2 Notes

Question 4. Name the three types of foreign trade.
Answer:
The three types of foreign trade are:

  1. Home Trade,
  2. Foreign Trade
  3. Entrepot Trade.

Question 5. Mention the important goods produced by a cottage and small-scale industries.
Answer: Carpentry, smithy, carpet weaving, pottery, blanket making, stone carving, etc. are some examples.

Question 6. Which organizations overcome the hindrance of place and risk?
Answer:

  • Hindrance of place-Transportation
  • Hindrance of Loss-Insurance companies

Question 7. Mention the antisocial activities of traders to earn more profit.
Answer: Some of the antisocial activities of traders are – adulteration, charging excess or abnormal rates, using false weights and measures, creating artificial scarcity by hoarding the goods and carrying out black marketing, etc. These are unethical business practices.

Question 8. What are the steps taken by the government to overcome the antisocial practices in business?
Answer: The Government has introduced Public Distribution System. 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, which contains the quantity, the date of manufacture, the date of expiry, and the Maximum retail price (MRP). It is a legally mandatory provision.

Business And Industry Answer each of the following questions in eight to ten sentences:

Question 1. What are the economic objectives of business?
Answer: The sole objective of business includes earning a reasonable profit that is sufficient to enable the business to cover the costs and the businessman to lead a normal comfortable life. The business supplies goods and services to the consumers and thus creates consumers. It uses the available resources to produce goods that are sufficient for consumers. It produces such goods that are required from time to time according to changes that take place. It brings changes in production by adopting new techniques. It also enables the consumers to know about the changes in products through advertisement.

Karnataka Board Class 8 Business Studies Chapter 2 Solutions

Question 2. What are the social objectives of business?
Answer: Business produces goods and supplies the goods It provides employment to many and pays them fair wages and salaries and helps them to improve their standard of living. It contributes its share to the economic development of a nation by paying rates, taxes, and duties. It also contributes a fair share to the social welfare of the nation by starting and running schools, colleges, and hospitals, and also by maintaining public gardens, etc.

Question 3. Mention the services rendered by retail traders.
Answer:
The services rendered by retail traders are:

  • They are the last connecting link in the distribution of goods.
  • They supply a variety of goods produced by different producers to consumers.
  • They store 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, give more information about the newly available goods in the market and suggest alternative goods of the particular goods that are not available.

Kseeb Class 8 Business Studies Chapter 2 Summary And Notes

Question 4. List out the different retail traders and write two/three sentence on each of them.
Answer:
The important types are:

  • Permanent shops: They are opened at a fixed place and carry out trade.
  • Itinerant or Mobile Traders: They do not have a fixed place to carry on their trade. Example: Hawkers, Peddlers, Street traders or Footpath traders, Permanent shops Hawkers Peddlers Street traders.

Question 5. Explain briefly the two types of industries.
Answer: Industries may be classified into two main types. They are Primary Industries and Secondary Industries.

  • Primary Industries: produce goods by using natural resources, for Example: – agriculture, fishing, dairy farming, mining, etc. These industries are further divided into genetic industries and extractive industries
  • Secondary Industries: They are labor-oriented industries. They are further divided into Manufacturing industries and Construction industries.
  • Manufacturing industries: These industries are engaged in converting raw materials or semi-finished products into finished products. They are mainly labor oriented and supply finished products to consumers, for Example:- Converting iron ore into steel, Sugar out of sugarcane, etc.
  • Construction Industries: They are engaged in the construction of roads, canals, bridges, etc. These industries help in the quick development of economic activities like – transport and communication etc.

Kseeb Class 8 Business Studies Chapter 2 Important Questions

Question 6. What is the need for foreign trade with a country?
Answer: No country in the world is self-sufficient in all the natural resources. Some countries have plenty of natural resources. Using the available natural resources they produce more goods than they require and the excess is exported to other countries. Countries depend on other countries for their requirement and import them. It also helps to foster friendship among the countries.

Business And Industry Additional Questions And Answers

Choose the correct alternative and Write the complete answer along with its alphabet in the sheet provided:

Question 1. Trade within the country is called

  1. Home Trade
  2. foreign trade
  3. Entrepot Trade
  4. Export

Answer: 1. Home Trade

Question 2. The trade carried through Retailers and Wholesaler is

  1. Home Trade
  2. Foreign Trade
  3. Entrepot Trade
  4. Export

Answer: 1. Home Trade

Question 3. The traders who carry out their trade at places where consumers live are called

  1. Retailers
  2. wholesaler
  3. Exporter
  4. Distributor

Answer: 1. Retailers

Kseeb 8th Standard Business Studies Chapter 2 Textbook Solutions

Question 4. An Example of mobile Traders is

  1. Hawkers
  2. Electrical goods seller
  3. Shop keepers
  4. Shandy sellers

Answer: 1. Hawkers

Question 5. The traders who carry goods on their heads, move from “door to door” and sell their goods.

  1. Market sellers
  2. Street traders
  3. Hawkers
  4. Shandy sellers

Answer: 3. Hawkers

KSEEB Business Studies Chapter 2 Class 8 Multiple Choice Questions 

Question 6. The traders who sell their production weekly markets are

  1. Market sellers
  2. Street traders
  3. Hawkers
  4. Shandy sellers

Answer: 4. Shandy sellers

Question 7. The trade between two countries is called

  1. External trade
  2. Internal trade
  3. Local trade
  4. Local business

Answer: 1. External trade

Class 8 Business Studies Chapter 2 Business And Industry Kseeb

Question 8. A country buying goods from other countries for its use is called

  1. Business
  2. Import
  3. Export
  4. Entrepot

Answer: 2. Import

Question 9. A country selling its goods to other countries for their use is called

  1. Commerce
  2. Import
  3. Export
  4. Entrepot

Answer: 3. Export

Question 10. Buying goods from one country with a view to selling them to other countries is called

  1. Commerce
  2. Import
  3. Export
  4. Entrepot

Answer: 4. Entrepot

Business And Industry Answer each of the following questions in two to four sentences:

Question 1. Mention the types of retailers.
Answer:
The important types are:

  • Permanent shops
  • Itinerant or mobile traders.

Question 2. What is foreign trade? Mention its types.
Answer: The trade between two countries is called foreign trade. Foreign trade can be classified into three types. They are Imports, Exports and Entrepot trade.

Question 3. What is business according to Stephenson?
Answer: Stephenson defines business as, “The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants.”

Question 4. What is trade? Mention its type
Answer: Trade is a part of the business. It is mainly concerned with buying and selling goods to consumers. Trade is divided into three types. They are:

  1. Home Trade
  2. Foreign Trade
  3. Entrepot Trade

Kseeb Class 8 Business Studies Chapter 2 Business And Industry Question Answers

Question 1. What are the functions of the wholesale Trader?
Answer:

  • They deal with one or two types of goods.
  • They help the retailers in many ways such as supplying goods to the retailers in small quantities.
  • They provide credit facilities to retailers.
  • They advertise goods on behalf of the retailers.
  • They supply market trends to retailers.
  • They do not keep a high margin of profit.
  • They render some services to the producers such as market trends and advertise on behalf of the producers. They also provide storage facilities for goods.

Class 8 Business Studies Chapter 2 Guide On Business And Industry KSEEB 

Question 2. Mention the different types of Industries.
Answer:
Types of Industries:

1. Primary Industries:

  • Genetic Industries
  • Extractive Industries

2. Secondary Industries:

  • Manufacturing Industries
  • Constructive Industries

Question 3. Differentiate between Primary Industries and Secondary Industries.
Answer:

  • Primary Industries: These industries produce goods by using natural resources, for Example:- agriculture, fishing, dairy farming, mining, etc. These industries are further divided into genetic industries and extractive industries.
  • Secondary Industries: They are labor-oriented industries. They are further divided into Manufacturing industries and Construction industries.

Question 4. Differentiate between Genetic industries and Extractive Industries.
Answer:

  • Genetic industries: These industries are engaged in the reproduction of different crops, plants, and animals. They help to increase the wealth of a nation, for Example:- through horticulture, dairy farming, poultry farming, etc.
  • Extractive Industries: They are engaged in extracting different raw materials and ores from the earth. (It is also called the non-renewable industry) Example:- Extraction of ores, drilling of oil wells, etc.

Karnataka Class 8 Social Science Chapter 2 Business And Industry Solutions

Question 5. Differentiate between Manufacturing Industries and Construction Industries.
Answer:

  • Manufacturing Industries: These industries are engaged in converting raw materials or semi-finished products into finished products. They are mainly labor oriented and supply finished products to consumers, for Example:- Converting iron ore into steel, Sugar out of sugarcane, etc.
  • Construction Industries: They are engaged in the construction of roads, canals, bridges, etc. These industries help in the quick development of economic activities like – transport and communication etc.

Question 6. Differentiate between Cottage Industries and Small Scale Industries.
Answer:

  • Cottage Industries: Cottage industries are also called household industries. They are carried out by craftsmen in their own houses with the help of family members or apprentices (persons who want to learn work). They are mainly concentrated in the villages and produce goods mainly for the local markets. Carpentry, smithy, carpet weaving, pottery, blanket making, stone carving, etc. are some examples.
  • Small-Scale Industries: These are organized on a small scale in a particular place (sheds). They use electric power and some machines. They employ laborers and adopt modern techniques. The chemical industry and the manufacture of engineering goods, shoes, bicycles, fans, radios, sewing machines, soaps, and garments are some examples of small-scale industries. The goods are manufactured both for the local and external markets.

Question 7. What are the hindrances to Business, Trade, and Industry?
Answer:
The hindrances of Business, Trade, and Industry are:

  • Hindrance of place-Transportation
  • Financial Services-Banks
  • Hindrance of Loss-Insurance companies
  • Hindrance of Time-Storage
  • Hindrance of Knowledge-Advertisement

Kseeb Class 8 Social Science Business Studies Chapter 2 Exercise Answers

Question 8. How do the banks help businesses?
Answer: In the distribution of goods from the producers to the consumers there is the hindrance or problem of finance. The supply of finance is required in all stages. Money is required to exchange goods. These problems are solved by banks. Banks provide finance to traders and serve to conduct business smoothly.

Question 9. How do Insurance companies help businesses?
Answer: While moving goods from producers to consumers or while the goods are stored in warehouses, There is a problem of damage or destruction. To overcome these hindrances insurance facilities are available. Insurance companies help businesses by making good the loss incurred by fire or water or that caused by natural calamities and thus help for the smooth conduct of business.

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