ICSE Class 9 Commercial Studies — Flashcards for Quick Revision

A: Human activities are all the activities undertaken by human beings throughout the day and life. They are done to satisfy human wants, which are unending, unlimited, and recurring. Examples include wor

A: Human activities are broadly classified into two groups: economic or commercial activities, and non-economic or non-commercial activities. Economic activities are done to earn a living and create weal

A: Economic or commercial activities are human activities undertaken to earn a living and thereby satisfy human wants. Their main object is to earn income and create wealth. They are also called occupati

A: Business is an economic activity involving sale, transfer, or exchange of goods and services for the purpose of earning money. It is concerned with producing or acquiring goods and services and placin

A: Business is carried on to earn profit through buying, selling, production, and distribution. A profession requires formal education and training and involves personal and expert services for a fee. Em

A: Cooking food for personal use is not business because there is no sale or exchange for price. A restaurant is business because food is cooked and sold to customers for money.

A: A profit-seeking organisation is established and operated mainly to earn profits. It is basically a business organisation that produces or buys and sells goods and services on a regular basis to satis

A: Profit is needed for survival, modernisation, expansion, and growth. Without some profit, a business organisation cannot survive for long.

A: The main problem is maximising operating efficiency. Owners and managers try to reduce costs and increase productivity.