KSEEB Solutions for Class 8 Business Studies Chapter 1 Components of Business Studies

Students can Download Business Studies Chapter 1 Components of Business Studies Questions and Answers, Notes, KSEEB Solutions for Class 8 Social Science helps you to revise complete Karnataka State Board Syllabus and score more marks in your examinations.

Karnataka State Syllabus Class 8 Social Science Business Studies Chapter 1 Components of Business Studies

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

I. Fill In The Blanks:

Question 1
The economic activity that provided 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:
Barter

Question 3
The full responsibility of paper money vests with ______
Answer:
Central bank

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Question 4
The emergence of communities and villages took place during ______ stage.
Answer:
Agricultural

Question 5
The main cause of international trade was ______
Answer:
Geographical discoveries

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

II. Answer The Following:

Question 1
What is economic activity?
Answer:
The activities which are concerned with the production and exchange of goods and services are called economic activities. Human beings have innumerable wants to satisfy our wants we need goods and services.

Question 2
Give the meaning of trade and commerce.
Answer:
Trade: Trade is nothing but the buying and selling of goods.
Commerce: commerce includes trade and also aids to trade or auxiliaries to trade. The aids to trade include transport, banks, warehouse facilities, advertisement agencies, insurance, etc.

Question 3
What is meant by the Barter system of exchange?
Answer:
The direct exchange of goods for goods or other things is called the Barter system of exchange. The goods produced were directly exchanged.

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Question 4
What is the profession?
Answer:
The profession is mainly concerned with the rendering of specialized technical and personal services.
Ex: Lawyers, Doctors, etc.

Question 5
What are aids to trade? Name them
Answer:
Many factors help to the progress of trade these are called as aids to trade. The important aids are

  1. Transport
  2. Banks
  3. Warehouse facilities
  4. Advertisements
  5. Insurance etc.

Question 6
What are Craft guilds?
Answer:
To fulfill the requirements of the. agriculturists some people started to do some crafts. They become professional craftsmen such as carpenters, weavers, builders, pottery makers, etc.

III. Answer the following questions in a paragraph.

Question 1
How do production and exchange play a very important role in our daily life?
Answer:

  1. The distribution of goods and services is called an exchange.
  2. Exchange is connecting the link between production and consumption.
  3. During the course of production the producers take into consideration the market study transportation, advertisements, etc;
  4. Today we have money as a medium of exchange and through many exchanges of goods.
  5. The exchange system has become the foundation for business.

Question 2
Explain the different types of economic activities.
Answer:
Economic activities can be classified into three types. They are:

  1. Business: It is mainly concerned with the production and exchange of goods and services.
  2. Profession: Specialized technical and personal services like doctors, lawyers, charted accountants have come under profession.
  3. Employment: It is the work undertaken by the people under an employer for salary or wages.0e.g. factory laborers, agricultural laborers, etc.

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Question 3
What are the difficulties of the Barter system? How has money solved these problems?
Answer:
Difficulties of the Barter system

  1. Lack of double coincidence of wants
  2. Lack of common measure of value.
  3. The difficulty of the subdivision.
  4. Difficulty to store the goods.

To overcome the above difficulties money can solve through these measures.

  1. Metals were used as a medium of exchange.
  2. Paper money issued by the central bank.
  3. It has the full support of the government.
  4. Nowadays bank money in the form of cheques, drafts, bills, credit card, debit card etc … play a very important role.

Question 4.
Which are the important stages of economic evolution? Briefly explain any one.
Answer:

  1. Hunting and fishing stage
  2. Pastoral stage
  3. Agricultural stage
  4. Handicraft stage
  5. Barter system stage
  6. Money economy stage
  7. International trade stage.

Hunting and fishing stage :

  1. During this stage man was a wonderer.
  2. He moved in groups from one place to another.
  3. Fishing was also carried out by them.
  4. They lived in cover
  5. No economic activity existed during this stage.

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

I. Answer The Following Questions:

Question 1
Who are employer and employee
Answer:
Employer is a person who appoints people to do work under him. The people who are appointed to do the work are called employees.

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Question 2
Write the meaning of consumption.
Answer:
Consumption is the act of using services and goods. A consumer is a person who buys goods or uses services for his or her consumption.

Question 3
Write a note on international trade stage,
Answer:

  1. Geographical discoveries took place during 15 th and 16th centuries.
  2. Vasco da Gama discovered the new sea route to India.
  3. The industrial revolution helped for large scale production of goods.
  4. Transportation and communication helped to trade.
  5. The production of goods was carried out not any for the national markets but also for the international markets.

Question 4
Write the development of commerce during the 21st century.
Answer:

  1. The 21st century is called the age of information technology.
  2. Internet, Banking, Mobile banking advancement of telecommunication services, online shopping, spread all over the world.
  3. The entire world has become a global village now.
  4. Multinational companion has spread their business in many countries.
  5. On the whole, commerce is developing at a greater speed.

II. Multiple Choice Questions

Question 1.
Rendering of specialized technical and personal services is called
a) Business
b) Profession
c) Employment
d) Employer
Answer:
b) Profession

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Question 2.
The problems of Barter System are
a) Lack of common measure of value
b) Difficulty of subdivision
c) Difficulty to store the goods
d) All the above options
Answer:
d) All the above options

Question 3.
Banknotes issued by
a) Central Bank
b) Indian Bank
c) Canara Bank
d) Government Bank
Answer:
a) Central Bank

Question 4.
The first whose ship sailed around the world
a) Columbus
b) Vasco-da-Gama
c) Magellan
d) Henri the Navigator
Answer:
c) Magellan

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Question 5.
The producers started meeting at a
fixed place at periodical intervals for exchange purpose is called
a) Internal economy stage
b) Town economy stage
c) Money economy stage
d) None of these
Answer:
b) Town economy stage

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