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Nature and Purpose of Business - Revision Notes

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  CBSE Class 11 Business Studies Revision Notes CHAPTER – 1 NATURE AND PURPOSE OF BUSINESS ECONOMIC AND NON ECONOMIC ACTIVITIES All Human beings have different types of needs. So, in order to fulfill those needs they have to perform some or the other activity. Human activities are classified into Economic & non-economic activities. Basic Meaning Economic Non-Economic Purpose/ Notice Those activities whose Objective is to earn money and to create wealth. Those activities whose aim is not to earn money, but to satisfy social, psychological and emotional needs. For example love, sympathy, patriotism. Examples People work in factories Cooking food in restaurant. A teacher teaching in a school. A housewife cooking food for her family. A teacher training his daughter at home. Concept of Business : - Business refers to those economic activities involving the purchase production and / or sale of goods and services with a motive of earning profit by satisfying human needs in society. Charac
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Nature and Purpose of Business - Solutions

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  CBSE Class 11 Business Studies NCERT Solutions Chapter-1 Nature and Purpose of Business SHORT ANSWER TYPE QUESTIONS 1. State the different types of economic activities. Ans.  Different types of economic activities are of three types: (a) Business refers to those economic activities which are concerned with the production or purchase and sale of goods or supply of services with the main object of earning profits. (b) Profession refers to those activities which require special knowledge and skill to be applied by individuals in their occupations. (c) Employment refers to the occupation in which people work for others and get remunerated in return. 2. Why is business considered an economic activity? Ans.  Any activity is called an economic activity when it is done with a view to earning money. The motive of a business is to earn profit primarily. However, there are some other objectives as well like increasing market share, improvement in productivity, employee satisfaction, consumer sa
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Forms of Business Organisations - Revision Notes

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  CBSE Class 11 Business Studies Revision Notes CHAPTER : 2  FORMS OF BUSINESS ORGANISATION Meaning A business enterprise is an institutional arrangement to form any business activity. Classification On the basis of ownership business enterprises can broadly be classified into the following categories: In case of CORPORATE FORM of private enterprises the identity of the enterprise is separate from that of the owner and in case of NON CORPORATE FORM, the identity of the enterprise is not different from that of its owners. Sole Proprietorship Sole proprietorship means a business owned, financed and controlled by a single person who is recipient of all profit and bearer of all risks. It is SUITABLE IN AREAS OF PERSONALISED SERVICE like beauty parlour, hair cutting saloons & small scale activities like retail shops. Features 1. Single ownership:  It is wholly owned by one individual. 2. Control:  Sole proprietor has full power of decision making. 3. No separate legal entity:  Legally t
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