Telangana Open School (TOSS) Class 12 Business Studies — Flashcards for Quick Revision

A: An economic activity is any human activity undertaken with the main objective of earning money or livelihood. For example, a farmer growing crops for sale or a teacher working in a school for a salary

A: Economic activities are performed to earn money, such as a doctor treating patients for a fee or a shopkeeper selling goods. Non-economic activities are done for self-satisfaction or social cause with

A: Business refers to regular economic activities involving the production, purchase, or sale of goods and services with the main objective of earning profit. For example, a tailor stitching clothes regu

A: Business support services are activities that assist businesses in their operations by facilitating the smooth flow of goods and services from producers to consumers. These services include banking, i

A: Business support services are crucial because they ensure smooth business operations. They help in capital formation, risk coverage, efficient movement of goods, communication, and storage. Without th

A: Banking refers to the activities carried out by banks, such as accepting deposits, giving loans, and providing financial services. According to the Banking Regulation Act, banking means accepting depo

A: Business Environment refers to all external forces, factors, and institutions that are beyond the control of a business but significantly influence its operations. These include customers, competitors

A: The key features of Business Environment are: 1. **Sum total of all factors** – It includes all external elements affecting business. 2. **Micro and Macro factors** – Micro include customers, supplier

A: The business environment is dynamic because it keeps changing due to shifts in technology, consumer preferences, government policies, and global trends. For instance, the rise of smartphones changed h