ICSE Class 11 Commerce — Flashcards for Quick Revision

A: Human activities are the activities performed by human beings to meet their requirements. They continue throughout life because human wants are unending, unlimited and recurring. Human activity has a

A: Human activities continue throughout life because human wants are unending, unlimited and recurring. As one want is satisfied, another appears, so people remain busy in one activity or another.

A: Economic activities are activities performed for economic gains. They involve production, exchange, distribution and consumption of wealth. Only lawful activities done to earn money and acquire wealth

A: Business is an economic activity conducted on a regular basis to earn profit through the production and sale of goods and services. It includes manufacturing, trading, transportation, insurance, wareh

A: "Economic activities performed for earning profits are termed as business." This definition highlights profit, economic activity, and the earning motive as the main features of business.

A: Business requires continuous and regular dealings. A one-time or isolated transaction is not business because business involves repeated exchange of goods or services for value.

A: Business is considered an economic activity because it uses scarce resources efficiently, exchanges goods and services, creates utility, aims at profit, and satisfies human needs. It is not just about

A: Business is an activity undertaken to produce, distribute, and exchange goods and services with a view to earn profit. It is linked with income generation and the satisfaction of human needs.

A: It means using labour, materials, capital, and machinery carefully so that waste is reduced and production is done in the best possible way. Since these resources are limited and costly, business must