People misinterpret business as having only economic objectives. … - Vidyadip

Question

People misinterpret business as having only economic objectives. Make the concepts clear regarding the objectives of the business.

✓

Answer

Along with economic objectives, the business also has social objectives which are as follows:
i. Supply good quality products: Businessmen should produce and supply products of proper quality and at reasonable prices to satisfy the expectations of consumers.
ii. Avoidance of unfair trade practices: Practices such as black marketing, adulteration, etc. should be avoided.
iii. Employee welfare: Employers should provide good working conditions, fair and just treatment, and impressive wages along with social security to their employees.
iv. Generation of employment: A businessman must create employment opportunities so that different sections of the society can earn their livelihood.
v. Conservation of the environment: Business enterprises should take the necessary steps to protect the environment. A proper arrangement should be made for the disposal of effluents, wastes, etc.
vi. Contribution to social welfare: Business plays a proactive role in the general welfare of society. The Business lends support to social, cultural, religious, research, and development organizations by building schools, hospitals, etc.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "4 Marks Question" from Model Paper 1→Model Paper 1 — all question types→Business Studies STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Write a short note on SIDO.

Harshit runs a well known departmental store in Delhi. He procures different kinds of products from all over the country through railways, roadways and airways. He also owns a godown to hold the stock. He has taken an insurance policy worth ₹10 crores for his business. Moreover, he has taken a loan of ₹2,00,000 from ICICI bank in order to meet all short term needs of business. He has also placed information about his store on bill boards, hoardings etc.

In the context of the above information about Harshit's business, answer following questions:

(a) What are auxiliaries of trade?

(b) Identify the auxiliaries of trade that are being used by Harshit in his business by quoting lines from above paragraph.

Why is export promotion necessary?

Zainab, Shelly &Ravina are friends. They have just completed a fashion designing course. They wish to start a business together. They have Rs.10,00,000 savings put together and are planning to take a bank loan of additional _ 10 lakhs. They have found a prime location in KarolBagh where they can set their boutique. They decide that they will initially not take very big orders. Based on this information, quote the lines associated with factors affecting the decision to start a business and classify them.

Aarti was born and brought up in Mumbai. After completing her higher studies, she started working as an assistant architect in a leading company. After a few years of that now she wants to set up her own consultancy and undertake independent projects. She discusses her plans with her father.
Her father suggests that she should carry on with the job because starting independently will mean becoming a sole proprietor and that would bring along problems of unlimited liability. But Aarti was not convinced to stay in the job.
Then he suggested that the second option for her could be to form a partnership or a Pvt. Ltd. Company, with a friend. But Aarti did not like this idea either, as she did not want any form of interference from anyone. Aarti approached a consultant and discussed her concerns with him. The consultant offered her a solution and Aarti was happy with that idea.
On the basis of the given information, answer the following questions:
(a) Which form of business organisation would have been suggested by the consultant?
(b) Explain the benefits of this form over sole proprietorship and private company

What is meant by large scale retailing? Mention the most common forms of large scale retailing.

KPSG is specialized in consultancy service. The company makes a software for a reputed bank in USA. It is also specialized in managing the accounts of the bank. To continue this work, KPSG hires professionals like engineers, chartered accountants etc., who are competent in these fields.

On the basis of the given information about KPSG, answer the following questions:

(a) KPSG comes under which kind of industry. Name and explain.

(b) Name and explain other types of industries, other that identified in part (a) above.

What are the different kinds of organisations that come under the public sector?

XYZ Ltd., a manufacturing firm, decided to set a plant in some backward districts of Odisha with investment of $₹ 30$ lakhs. The company planned to optimally utilise the local resources so as to provide best quality products in the market. It has employed the local people who belong to the schedule caste and schedule tribes. It has also planned to open dispensary for the local people to gain reputation.
Identify and explain the role performed by small business as highlighted in the case. Also quote lines from the case reflecting these points.

Why is it necessary to get registered with an export promotion council?