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, 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 2 Business and Industry

Class 8 Social Science Business and Industry Textual Questions and Answers

I. Fill In The Blanks

Question 1.
The best example for entrepot trade is ______
Answer:
Singapore.

Question 2.
Cottage industries are mainly concentrated in ______
Answer:
Villages.

Question 3.
The manufacture of chemicals is carried out in ______ industries.
Answer:
Small scale industries.

KSEEB Solutions

Question 4.
The sole objective of business should be earning ______ profit.
Answer:
Reasonable.

Question 5.
To safeguard the quality of goods ______ institution has been started.
Answer:
ISI and AGMARK.

II. Answer The Following:

Question 1
What is the business?
Answer:
Business is an organization or enterprising entity engaged in commercial, industrial or professional activities. Stephenson defines that the regular production or purchase and sale of goods under taken with an objective of earning profit and acquiring wealth through the satisfaction of human wants.

Question 2
Which are the different types of mobile shops?
Answer:
The mobile traders do not have a fixed place to carry on their trade.
The different types of mobile traders are:
Hawkers – carry goods on their heads – Move from door to door.
Peddlers – carry goods on wheeled carts. Street traders-exhibit goods on the pavement to sell.
Shandy or Market sellers: weekly markets.

Question 3
Who are wholesalers?
Answer:
Wholesalers buy large quantities from producers and sell them to the retailers in small quantity. Generally, these graders deal with one or two types of goods. They give credit facilities to the retailers. They are the mediators between the producers and the retail merchants.

Question 4
Name the 3 types of foreign trade
Answer:
The three types of trade are:
Import: Buying goods from other countries for their use.
Export: Selling its gods to other countries for their use.
Entrepot: Buying goods from one country with a view to selling them to other countries, eg., Singapore and the Middle East countries.

Question 5
Mention the important goods produced by cottage and small scale industries.
Answer:
Cottage industries: Carried out by the craftsmen in their own houses. Carpentry, smiths, carpet weaving, mat weaving, pottery’, blanket making, stone carving etc. are some examples.

Small scale industries: organized on a small scale in a shed by using certain science and technology. The chemical industry, shoes, bicycles, fans, radios, sewing machines, soap and detergents, garments are some examples.

KSEEB Solutions

Question 6
Which organizations overcome the hindrance of place and risk?
Answer:
Hindrance of place: To overcome the hindrance of place the services of transportation are used. Road, Railways, water transport, air transport help the producers and traders.

Hindrance of risk: The insurance companies help businesses by making good the loss incurred by fire or water or that caused by natural calamities.

Question 7
Mention the antisocial activities of ‘ traders to earn more profit.
Answer:
To earn more and more profits some antisocial practices are followed in business. 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:

  1. To avoid anti-social practices in business the government has introduced the public distribution system.
  2. To maintain the standard of goods and essential commodities the government has opened an institution – Bureau of Indian Standards.
  3. ISI and AGMARK marks are printed goods and commodities to certify their quality etc.
  4. The government has opened Janatha bazaars, consumer co-operative societies, etc., to supply essential commodities to the people.

III. Answer Each Of The Following

Questions In Eight To Ten Sentences:

Question 1.
What are the economic objectives of business?
Answer:

  1. Business supplies goods and services to the consumers and thus creates consumers/Earning reasonable profit is the main objective of the business.
  2. Which is sufficient to lead a comfortable life.
  3. It uses available resources to produce goods that are sufficient to consumers.
  4. It brings changes in production by adopting new techniques.
  5. It also enables consumers to know about the changes in products through advertisement.

Question 2.
What are the social objectives of business?
Answer:

  1. It provides employment opportunities,
  2. It gives fair wages and salaries
  3. Help them to improve their standard of living.
  4. It contributes its shore the economic development of a nation by paying taxes, rates, and duties.
  5. It also contributes a fair for the social welfare of the nation by starting and running schools, colleges, hospitals and also by maintaining public gardens, etc.

Question 3.
Mention the services rendered by retail traders.
Answer:
The retail traders render services to consumers. They are:

  • The retail traders are the mediators between the wholesale traders and the consumers.
  • They carry out their trade at places where consumers live.
  • They are the last connecting link between in the distribution of goods.
  • They supply a variety of goods produced by different producers to the 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 give information about the newly arrived goods to the consumers.
  • They inform consumers about the alternatives when a particular commodity is not available.
  • They provide credit facilities to the consumers.

KSEEB Solutions

Question 4.
List out the different retail traders and write two / three sentences on each of them.
Answer:
Retail trade is carried out in different ways. The important types are;
(a) Permanent shops.
(b) Itinerant traders.
(a) Permanent shops: They are opened at a fixed place and carry out trade.
(b) Itinerant or Mobile traders: They do not have fixed place to carry on their trade.
The important among them are :-

  • Hawkers
  • peddlers
  • street vendors and market vendors.

Question 5.
Explain briefly the two types of Industries.
Answer:
The industry is a major economic activity. It is concerned with the production of goods, extraction of minerals and also providing services.

  1. Primary industries
  2. Secondary industries

(1) Primary industries: produce goods by using natural resources eg. agriculture, fishing, daily farming, mining etc. They are further divided as

  • Genetic industries: These industries are engaged in the reproduction of different crops, plants and animals, eg. horticulture, dairy farming, poultry farming.
  • Extractive industries: They extract different raw materials of ores, drilling of oil well, etc.

(2) Secondary industries: They have divided into manufacturing industries and construction industries

  • Manufacturing industries: Convert raw materials or semi-finished products into finished products eg. converting iron ore to steel. Sugar out of sugarcane etc.
  • Construction industries: Construction roads, railway lines, airports, harbors, bridges, etc. They are helpful in quick economic development.

Question 6.
What is the need for foreign trade to a country?
Answer:
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. In the same way, some countries have a deficit of some natural resources and depend on other countries for their requirement and import them. Thus there is a great need for foreign trade.

Class 8 Social Science Business and Industry Additional Questions and Answers

I. Answer The Following

Question 1.
What are the two objectives of business?
Answer:
Economic and social activities are the two important objectives of the business.

Question 2.
Name the types of trade.
Answer:
There are three types of trade. They are Home trade, foreign trade, Entrepot trade.

KSEEB Solutions

Question 3.
What is Home trade?
Answer:
Trade within the country is called home trade.

Question 4.
What is Retail trade?
Answer:
Retail trade is buying the goods from the wholesalers and selling them to the consumers.

Question 5.
How is Retail trade carried out?
Answer:
Retail trade is carried out in different ways. The important types are

  • Permanent shops
  • Itinerant or mobile traders.

Question 6.
Who are Hawkers?
Answer:
Hawkers carry goods on their heads, move from ‘door to door’ and sell their goods. They generally sell only one or two types of goods.

Question 7.
Who are street traders?
Answer:
They display goods in busy street corners or on pavements and sell them to the consumers.

Question 8.
What are Industries? Mention its types.
Answer:
The industry is concerned with the production of goods, extraction of minerals and also providing some services. Industries may be classified into two main types. They are Primary industries and secondary industries.

KSEEB Solutions

Question 9.
What are the secondary Industries? Mention its types.
Answer:
Secondary industries are labour oriented Industries. They are further divided into Manufacturing industries and construction industries.

Question 10.
Give some examples of small scale industries.
Answer:
Carpentry, smithy, carpet weaving pottery, blanket making, stone carving. etc., are some examples of small scale industries.

II. Multiple Choice Questions

Question 1.
Traders are opened at a fixed place and carryout trade is called _________
a) Market sellers
b) Hawkers
c) Peddlers
d) Permanent shops
Answer:
d) Permanent shops

Question 2.
To buying of goods from one country with a view to sell it to other countries is called as _________
a) Imports
b) Exports
c) Entrepot Trade
d) Foreign Trade
Answer:
c) Entrepot Trade

KSEEB Solutions

Question 3.
Horticulture Dairy farming are example to _________
a) Primary Industries
b) Genetic Industries
c) Extractive Industries
d) Non-renewable Industries
Answer:
b) Genetic Industries

Question 4.
Which point is not belongs to cottage industries _________
a) There industries also called household industries.
b) Carried out by craftsmen.
c) Main products are bicycle fans radios etc.
d) Main products are pottery, blanket making, stone carving, etc.
Answer:
c) Main products are bicycle fans radios etc.

Question 5.
Government of India opened as ISI because _________
a) Maintain the standard of goods.
b) Certify their quality
c) Quantity, Data of manufacturing
d) All the above points
Answer:
a) Maintain the standard of goods.

Leave a Comment