What role did family-based workshops play in ancient Indian business activities?

Family-based workshops were important for manufacturing goods, allowing for the production of various items within communities.

Fill in the blank: Major trade centers in ancient India included Patliputra, Peshawar, and ___.

Taxila

True or False: The British Empire's presence transformed the Indian economy into a major exporter of processed goods.

False. The British Empire's presence changed the Indian economy from being an exporter of processed goods to an exporter of raw materials.

What were the primary factors contributing to the growth of the Indian economy post-liberalization?

Factors such as rising incomes, increased savings, investment opportunities, and a younger population have contributed to the sustained growth of the Indian economy.

Riddle: I am an ancient trade route that connected east and west, facilitating the exchange of silk and spices. What am I?

The Silk Route

Fill in the blank: Economic liberalization was adopted in ___ to address challenges faced by the Indian economy.

1991

What were some major export items from ancient India?

Major export items included spices, wheat, sugar, indigo, and opium.

Business is defined as an economic activity aimed at ___ and ___ of goods and services.

Production and sale

True or False: Business activities are focused solely on the production of goods and not on providing services.

False. Business activities can include both the production of goods and the provision of services.

What is the primary motive behind business activities?

To earn profit by satisfying human needs.

Fill in the blank: Business involves dealing in goods and services on a ___ basis.

Regular

Riddle: I can create jobs and wealth, but I also carry risks and uncertainty. What am I?

Business

What does the uncertainty of earnings in business imply?

There is always a possibility of earning less profit or incurring a loss.

Explain why the production and procurement of goods and services is essential for a business.

Every business must either manufacture the goods or acquire them from producers to meet consumer demands and operate effectively.

What are the main classifications of business activities?

The main classifications of business activities are Industry, Commerce, and Trade.

Fill in the blanks: The primary industry includes ___ and ___ activities.

Extraction and production

True or False: The secondary industry includes activities that support primary and tertiary industries.

False. The secondary industry includes manufacturing and construction activities.

What is the primary purpose of commerce in business activities?

The primary purpose of commerce is to remove hindrances in the movement of goods from manufacturers to consumers.

Riddle: I am the industry that builds bridges and buildings, but I am not a construction worker. What am I?

Construction industry.

Fill in the blank: The ___ industry involves the assembly of different components into a final product.

Assembling

What does trade refer to in the context of business activities?

Trade refers to the exchange of goods and services between sellers and buyers with a profit motive.

What are the two main types of activities included in the primary industry?

Extractive and genetic activities.