KSEEB Solutions for Class 8 Business Studies Chapter 2 Business and Industry

Students can Download Business Studies Chapter 2 Business and Industry Questions and Answers, Notes Pdf, KSEEB Solutions for Class 8 Social Science helps you to revise the complete Karnataka State Board Syllabus and to clear all their doubts, score well in final exams.

Karnataka State Syllabus Class 8 Social Science Business Studies Chapter 2 Business and Industry

Class 8 Social Science Business and Industry Textbook Exercise Questions and Answers

I. Fill in the blanks with appropriate:

Question:
1. The best example of Entrepot trade is
2. Cottage industries are mainly concentrated words in
3. The manufacture of chemicals is carried out in industries.
4. The sole objective of the business should be earning profit.
5. To safeguard the quality of goods institutions have been started.
Answer:
1. Singapore,
2. villages,
3. Small scale
4. reasonable,
5. Bureau of Indian Standards.

II. Answer the following in two to four sentences each:

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:
Different mobile shops are Hawkers, peddlers, street traders market sellers.

Question 3.
Who are wholesalers?
Answer:
Wholesalers buy goods in large quantities from producers and sell them to the retailers in small quantities. Generally, they deal with one or two types of goods. They help retailers in many ways.

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

1. Import
2. Export
3. Entrepot trade

Question 5.
Mention the important goods produced by cottage and small scale industries.
Answer:
The chemical industry, manufacture of engineering goods, shoes, bicycles, fans, radios, sewing machines, soaps, garments are some of the examples for cottage and small scale industries.

Question 6.
Which organizations overcome the hindrance of place and risk?
Answer:
Road transport, Railways, water transport and air transport overcome the hindrance of place and risk.

Question 7.
Mention the anti-social activities of traders to earn more profit.
Answer:
Adulteration, charging excess or abnormal rates using false weights and measures, and creating artificial scarcity is the antisocial activities of trade to earn more profit.

Question 8.
What are the steps taken by the government to overcome the anti-social practices in business?
Answer:
In order to avoid antisocial practices, the government has introduced the public distribution system.

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

Question 1.
What are the economic objectives of business?
Answer:
Generally, profit is the main objective of the business. But the sole objective of the business is earning a reasonable profit to lead his life and to continue his business. The business supplies goods and services to the consumers and thus creates consumers. The business produces goods that are required from time to time according to changes that take place. It brings changes in production by adopting new techniques. It gives information about the new products through advertisements.

Question 2.
What are the social objectives of business?
Answer:
In addition to the economic objectives of the business, there are some social objectives.

1. It produces goods and supplies goods that are required by the people and the nation for its development.
2. It provides employment to many and pays them fair wages and salaries. Thereby the standard of living of the mass improved.
3. The business contributes its share to the economic development of the country by paying tax.es and duties.
4. The business also contributes a fair share for the social welfare of the nation by starting and running of schools, colleges, hospitals and also by maintaining public gardens etc.

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

1. They are the last connecting link in the distribution of goods.
2. The supplied variety of goods produced by different producers to the consumers.
3. They store the goods to meet the demand of the consumers, they take the risk of loss in business or loss of goods.
4. They grade the goods and supply according to the consumer’s taste.
5. They provide credit facilities to the consumers.
6. Give more information about newly available goods.

Question 4.
List out the different retail traders and write two to three sentences on each of them.
Answer:
Retail traders can be divided into two types, They are:
(a) Permanent shops
(b) Mobile traders,

(a) Permanent shops: These traders opened their shops at a fixed place and carry out trade. In these shops different varieties of goods are available. They are opened from morning to late night and they meet the demands of the consumers.

(b) Mobile shops: they do not have a fixed place to carry on their trade. The important among them are Hawkers, Peddlers, street vendors, and market vendors.

1. Hawkers: They carry goods on their heads move from door to door and sell their goods. Vegetables, fruits, flowers are common goods.
2. Peddlers: They use wheeled carts to carry their goods. They sell more than one type of goods.
3. Street traders or footpath traders: By displaying goods in busy street corners they sell their goods to the consumers.
4. Market or shandy sellers: weekly markets take place at villages, Hobli, and Taluk headquarters once in a week. The people of surrounding villages bring the goods which they have grown or produced and sell them. At some place, yearly fairs take place and have in addition to goods cattle trade also take place.

Question 5.
Explain briefly the two types of industries.
Answer:

1. Primary industries: These industries produce goods by using natural resources. E.g.-agricultural, fishing, dairy farming, mining, etc. These industries are further divided into genetic industries and extractive industries.
2. Secondary Industries: They are labour oriented industries. They are further divided into Manufacturing Industries and Construction Industries.

Question 6.
What is the need for foreign trade in 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 imported to other countries. In the same way, some countries are deficient, in some natural resources and thus they depend on other countries for natural resources.