Business, Nature & Purpose By Ms. Bindu Dewan

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Business, Nature & Purpose By Ms. Bindu Dewan

  1. 1. BUSINESS STUDIES Business, nature and purpose For class XI Click on next to continue NEXT
  2. 2. <ul><li>INDEX </li></ul><ul><li>Human activities. </li></ul><ul><li>Types of economic activities. </li></ul><ul><li>Concept of Business. </li></ul><ul><li>Difference between business, profession and employment. </li></ul><ul><li>Interrelation between business, profession and employment. </li></ul><ul><li>Test yourself. </li></ul>Click on next to continue NEXT
  3. 3. In every society people undertake various activities to satisfy their needs. These activities can broadly be classified into two groups: Human activities Click on next to continue NON ECONOMIC ACTIVITIES ECONOMIC ACITVITIES NEXT BACK INDEX
  4. 4. <ul><li>Keeping yourself engaged to earn something in return is economic activity. </li></ul><ul><li>e.g. doctor, teacher, driver, sweeper or clerk are all engaged in economic activities. </li></ul>ECONOMIC ACTIVITY Click on next to continue NEXT BACK INDEX
  5. 5. <ul><li>Economic activities </li></ul><ul><li>1.Satisfy our wants. </li></ul><ul><li>2. Means to earn livelihood. </li></ul><ul><li>3.Concerned with production, exchange and distribution of goods and services. </li></ul>Click on next to continue NEXT BACK INDEX
  6. 6. 4. Determine the standard of living of individuals. 5. Determine the social and economic status of citizens. 6. Determine the level of economic growth of a nation. Economic activities Click on next to continue NEXT BACK INDEX
  7. 7. <ul><li>Activities which do not have any economic motive and are performed with a feeling of love, sympathy, humanity and patriotism are known as non -economic activities e.g.:- playing , dancing, giving donation etc. </li></ul>NON ECONOMIC ACTIVITY Click on next to continue NEXT BACK INDEX
  8. 8. TYPES OF ECONOMIC ACTIVITIES Economic activities may be further divided into three categories: Click on next to continue USINESS MPLOYMENT                         ROFESSION NEXT BACK INDEX
  9. 9. The term Business means being busy. However, in specific sense, business refers to an occupation in which people regularly engage themselves with a view to earn profits. Click on next to continue NEXT BACK INDEX
  10. 10. <ul><li>In earlier times, business was a simple affair. It was only a means of carrying a living and acquiring wealth. Today the range of business activities has widened to include not just commerce and industry but a network of services such as banking, insurance, distribution, transport etc. </li></ul>Click on next to continue NEXT BACK INDEX
  11. 11. BUSINESS involves production or purchase and sale transfer or exchange of goods and services to satisfy the needs of people with aim to earn profit. The persons who are engaged in business are called entrepreneurs. Click on next to continue NEXT BACK INDEX
  12. 12. <ul><li>PROFESSION refers to the activity which requires special knowledge and skills to be applied by an individual in his work to earn a living. e.g. Doctor, Lawyer, Hair dresser or Nurse. </li></ul>Click on next to continue NEXT BACK INDEX
  13. 13. EMPLOYMENT refers to an activity in which a person works regularly for another for a fixed remuneration. e.g. typist, a doctor working in a hospital etc. Click on next to continue NEXT BACK INDEX
  14. 14. Difference between business, profession and employment <ul><li>Mode of establishment: Business is established when the entrepreneur decides. </li></ul><ul><li>Profession is started after getting the certificate of practice from the professional body. </li></ul><ul><li>Employment begins after getting the appointment letter from the employer. </li></ul>Click on next to continue NEXT BACK INDEX
  15. 15. Difference between business, profession and employment 2. Nature of work: Business includes buying and selling of goods and services. Profession involves rendering personalized services of expert nature. Employment includes performing the work as per the service contract. Click on next to continue NEXT BACK INDEX
  16. 16. Difference between business, profession and employment 3. Qualification: No minimum qualification is required for business. A professional degree in a specific field is required for profession. An employee needs the qualification and training as prescribed by the employer. Click on next to continue NEXT BACK INDEX
  17. 17. Difference between business, profession and employment 4. Return or reward: Business gets returns in the form of profits. Professionals charge fees for their services. Employees get salary or wages in return for their work. Click on next to continue NEXT BACK INDEX
  18. 18. Difference between business, profession and employment 5. Capital investment: Business needs investment as per its size and nature. Only initial investment is required in case of a profession. No capital investment is needed for employment. Click on next to continue NEXT BACK INDEX
  19. 19. Difference between business, profession and employment 6.Risk: In business, profits are uncertain and irregular; so risk is present. Professionals face less risk; as the fee charged is generally regular and certain. No risk is there in employment; as they get a fixed and regular pay. Click on next to continue NEXT BACK INDEX
  20. 20. <ul><li>Business requires the assistance of professional experts like lawyers and services of employees like sales managers. </li></ul>INTERRELATION BETWEEN BUSINESS, PROFESSION & EMPLOYMENT Click on next to continue NEXT BACK INDEX
  21. 21. Similarly professionals require services of assistance and business houses to utilize their services. The person seeking employment require business houses and professional firms to utilize their services. Click on next to continue NEXT BACK INDEX
  22. 22. <ul><li>Question 1: Fill in the blanks: </li></ul><ul><li>Socially desirable and lawful activities with economic motive are ___________. </li></ul><ul><li>Taking photographs of mountains as hobby is a ______________. </li></ul><ul><li>__________ are performed with a feeling of love, patriotism, sympathy and humanity. </li></ul><ul><li>Economic activities are undertaken to earn _______________. </li></ul><ul><li>Helping victims of flood is a _________. </li></ul>LET US SOLVE THESE QUESTIONS Click on next to continue NEXT BACK INDEX
  23. 23. Question 2: State True or False: 1) Donation made by the teacher to the sports fund of the school is an economic activity. 2) Non-economic activities are those from which people get psychological satisfaction. 3) A housewife cooking food for her family members is engaged in economic activity. 4) A doctor treating his son is a non economic activity. 5) Running can be both economic and non economic activity. 6) A farmer growing vegetables is an economic activity. 7) A person growing fruits in his kitchen garden is a non economic activity. Click on next to continue NEXT BACK INDEX
  24. 24. Ques1. “Business is an economic activity”. Do you agree? Why? Ques2. “Risk is an essential part of business”. Explain. Ques3. Differentiate between business, profession and employment. Ques4. Name a few economic activities. Ques5. How are business, profession and employment interrelated? Ques6. Define profession. Ques7. Enumerate a few business activities. Assignment Click on next to continue NEXT BACK INDEX
  25. 25. Acknowledgements Image and animated gifs downloads from different sites using Google and Yahoo search engines. Information collected from Business studies NCERT, Class XI. Voice recording : Bindu Dewan. Click on next to continue NEXT BACK INDEX
  26. 26. Presentation made by: BINDU DEWAN PGT (Commerce )

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