1
Question
Match the pairs.
Group 'A'
Group 'B'
a) Morning walk
1) Social objective
b) Genetic industry
2) Foreign trade
c) Local currency
3) Warehousing
d) Employment generation
4) Horticulture
e) Business risk
5) Non-Economic activity
6) Economic objective
7) Internal Trade
8) Mining
9) Insurance
10) Banking
| Group 'A' | Group 'B' |
| a) Morning walk | 1) Social objective |
| b) Genetic industry | 2) Foreign trade |
| c) Local currency | 3) Warehousing |
| d) Employment generation | 4) Horticulture |
| e) Business risk | 5) Non-Economic activity |
| 6) Economic objective | |
| 7) Internal Trade | |
| 8) Mining | |
| 9) Insurance | |
| 10) Banking |
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Solution
Group 'A'
Group 'B'
a) Morning walk
5) Non-Economic activity
b) Genetic industry
4) Horticulture
c) Local currency
7) Internal Trade
d) Employment generation
1) Social objective
e) Business risk
9) Insurance
Explanations:
a) Non-economic activities are carried out by an individual to fulfil his/her psychological needs. These activities are undertaken for self-satisfaction and not for earning income or profit. Since morning walk is a part of an individual’s hobby, he/she is not paid for it by anyone. Thus, it is a non-economic activity.
b) Horticulture is the art of gardening. Genetic industries deal with breeding of plants and animals that can be used for further reproduction. Thus, horticulture is an activity of genetic industries.
c) Local currency is required to carry out trade in a domestic area. It is required for buying and selling goods domestically. Hence, we can say that it is used in internal trade. On the other hand, foreign currency is required in trading internationally.
d) Since business uses the resources of the society, it bears certain responsibilities towards the latter. These responsibilities are called social responsibilities. Employment generation is one of the most important social responsibilities of any business. This means that every business house should create employment opportunities so that people can get employed without any discrimination on the grounds of caste and creed.
e) Business risks can be avoided through insurance. This means that insurance acts as a shield against various business risks. By paying a nominal premium at regular intervals, the loss suffered by a business, in case of any accident or mishap, can be recovered from the concerned insurance company.
| Group 'A' | Group 'B' |
| a) Morning walk | 5) Non-Economic activity |
| b) Genetic industry | 4) Horticulture |
| c) Local currency | 7) Internal Trade |
| d) Employment generation | 1) Social objective |
| e) Business risk | 9) Insurance |
Explanations:
a) Non-economic activities are carried out by an individual to fulfil his/her psychological needs. These activities are undertaken for self-satisfaction and not for earning income or profit. Since morning walk is a part of an individual’s hobby, he/she is not paid for it by anyone. Thus, it is a non-economic activity.
b) Horticulture is the art of gardening. Genetic industries deal with breeding of plants and animals that can be used for further reproduction. Thus, horticulture is an activity of genetic industries.
c) Local currency is required to carry out trade in a domestic area. It is required for buying and selling goods domestically. Hence, we can say that it is used in internal trade. On the other hand, foreign currency is required in trading internationally.
d) Since business uses the resources of the society, it bears certain responsibilities towards the latter. These responsibilities are called social responsibilities. Employment generation is one of the most important social responsibilities of any business. This means that every business house should create employment opportunities so that people can get employed without any discrimination on the grounds of caste and creed.
e) Business risks can be avoided through insurance. This means that insurance acts as a shield against various business risks. By paying a nominal premium at regular intervals, the loss suffered by a business, in case of any accident or mishap, can be recovered from the concerned insurance company.
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