Question

Write a word or phrase or a term which can substitute each one of the following statements.

1. Human activities conducted for earning money.
2. A type of trade that sales the goods directly to ultimate consumer.
3. Trade that take place between the traders of two different countries.
4. An aspect of business which is concerned with the production of goods.
5. Various services which facilitate smooth flow of goods and services from seller to buyer.
6. The type of industries that provides services.
7. The type of industries that creates immovable wealth.
8. Monetary returns earned by a professional for rendering expert services.
9. An aspect of business which is concerned with the distribution of goods.
10. A type of industry which takes out the wealth from the earth.

Answer 1

1. Human activities conducted for earning money - Economic activity

Explanation:
Economic activities are those human activities which are carried out with the basic objective of earning income or profit; for example, a teacher teaching in a school, a worker working in a factory etc.

2. A type of trade that sales the goods directly to ultimate consumer – Retail trade

Explanation:
In a retail trade, goods are bought from the wholesalers/manufacturers and are sold directly to the consumers in small lots. Since the consumers are scattered over distant places, it may not be possible for the manufacturers to make their goods available to widely scattered consumers. Retail trade removes this difficulty by making manufacturer's goods available to the consumers.

3. Trade that take place between the traders of two different countries – Foreign trade or External trade

Explanation:
External trade refers to the trade that takes place between two or more countries. It refers to the buying and selling of goods or services between two countries. It is mainly of three types: import trade, export trade and entrepot trade.

4. An aspect of business which is concerned with the production of goods – Industry

Explanation:
Industry basically refers to the economic activities in which raw materials are processed and converted into final products. During this process, value addition to the raw materials takes place; hence, the final products have a higher value compared to the raw materials. Therefore, we can say that industries produce goods that are readily consumable by the final consumers.

5. Various services which facilitate smooth flow of goods and services from seller to buyer – Auxiliaries to trade

Explanation:
Auxiliaries to trade are the activities that facilitate the trading process. It comprises all trade-related activities that facilitate the exchange of goods and services. Some of the major auxiliaries to trade are transport, advertisement, packaging, warehousing, banking and communication.

6. The type of industry that provides services – Tertiary industry

Explanation:
Tertiary sector consists of service providers that facilitate the operations of primary and secondary industries. Some of the major services provided by the tertiary industries are banking and credit facilities, communication and transport.

7. The type of industries that creates immovable wealth – Construction industry

Explanation:
Construction industry is concerned with the construction and development of infrastructure such as buildings, bridges, dams and roads. Since this industry creates valuable infrastructure that cannot be moved from one place to another, it is said that the construction industry creates immovable wealth.

8. Monetary returns earned by professional for rendering expert services – Professional fees

Explanation:
Professional fees are the monetary returns earned by a professional for rendering expert services. On the other hand, the reward for business is profit and the return for employment is salary.

9. An aspect of business which is concerned with the distribution of goods – Commerce

Explanation:
Commerce is an important aspect of business as it not only includes buying and selling of goods and services but also involves distribution of goods to the concerned consumers. It mainly involves the trade and auxiliaries to trade which aims at bridging the gap between producers and sellers by removing the hindrances in the process of exchange.

10. A type of industry which take out the wealth from the earth – Extractive industry

Explanation:
Extractive industry deals in the extraction and refinement of natural resources. The products of these industries serve as raw materials for other industries, which further process these products into useful goods. Agriculture, fisheries, mining, etc. are some of the extractive industries.