3 Most VSAQ’s of Introduction to Business Chapter in Inter 1st Year Commerce (TS/AP)

2 Marks

VSAQ-1 : Business (OR) What is Business? (OR) Define Business. (OR) What do you mean by Business?

Business is an economic activity involving the purchase, sale, manufacturing, processing, and marketing of goods and services with the primary objective of generating profits. It encompasses various activities related to the production and distribution of goods and services for private gain. Notably, L.H. Haney defines business as a human endeavor centered on generating wealth through the buying and selling of goods, while Keith and Cario emphasize that business includes all activities aimed at producing and distributing goods and services for private profit.

VSAQ-2 : Profession. (OR) What is a Profession?

A profession is generally a paid occupation or career, exemplified by roles like doctors, lawyers, and chartered accountants. This term is comprehensively defined and encompasses individuals who:

  1. Adhere to high ethical standards.
  2. Are publicly recognized as possessing specialized knowledge and skills.
  3. Have attained high-level education and training.
  4. Belong to a recognized, organized body of learning.
  5. Are willing to apply their knowledge and skills in the interest of others.

VSAQ-3 : Employment. (OR) What is Employment?

Employment is an arrangement where one individual offers their services to another individual or entity in return for a specified compensation. The entity offering employment is called the employer, and the individual entering into this arrangement is known as the employee. Before employment begins, a specific salary or wage is typically agreed upon. Employment can take place in various settings, such as factories, offices, banks, insurance companies, shops, and various other organizations or sectors requiring labor.