Chapter 1- Revision (Prep)

Chapter 1- Revision 

Poll

Are you ready!!!!!!!!!!

• Yes

• Yes and Yes

• Maybe

Need v/s Want

• Need- Any good or service that people must have to be able to live.  E.g. Water, air, food & house.

• Want- Any good or service that people would like to have, but is not essential to living.Example- Junk food & Games

Multiple Choice

Food is _________

• Need

• Want

Multiple Choice

Toys are ________

• Need

• Want

Open Ended

Define Need and give any two examples.

Economic and Non-economic Activity

• Economic activities- are those that earn money. Example farmers, factory workers. 

• Non-economic activities- which do not earn money but give satisfaction. Example visiting a place of worship, taking care of a sick person, meeting friends and family, etc

Open Ended

Give an example of economic activity

Open Ended

Give an example of non- economic activity

Business

• Business is an occupation in which goods and services are produced and sold for money. Primary objective is to earn profit. 

Open Ended

Define Business

CHARACTERISTICS OF BUSINESS

• Deals in goods and services - businesses are engaged in production and distribution of goods and services.

• Regular exchange of goods and services-The production of goods or buying and selling are conducted on a regular basis.

CHARACTERISTICS OF BUSINESS

• Earning profit- The primary aim of every business is to earn profit.

• Involves Risk and uncertainty-There is no certainty of profit. Sometimes the business faces loss

• Requires Investment- Every business requires investment for land, labour or capital.

Open Ended

Write any 3 charactertics of Business