BBA 1st Year Business Environment Economic Systems Very Short Question Answer
BBA 1st Year Business Environment Economic Systems Very Short Question Answer : Bachelors of Business Administration Semester II Business Environment Very Short Question Answer.
Index – BBA 1st Year Very Short Question Answer
B.B.A 1Business Environment Economic Systems st Year Very Short Question Answer | Page 1
B B A 1st Year Economic Systems Very Short Question Answer |Page 2
Section-A (Very Short Answer Questions)
Q. 1What is business?
Ans. Business comprises all profit seeking activities and enterprises that provide goods and services necessary to an
economic system. It is the economic pulse to a nation, striving to increase society’s standards of living. Profit is a mechanism for motivating these activities.
Q. 2. Give two features of modern business.
Ans. The two features of modern business are:
(a) It is dynamic, not static.
(b) 1t is characterized by mass production and mass marketing, fetching economies of scale to the manufacturers and passing the benefits to the final buyers.
Q. 3. What factors make up the total economic environment?
Ans. Industrial and agricultural production, planning, economic set up, infrastructure, national and per capita income, money supply, general price level, saving, rent of growth and economic conditions make up the total economic environment.
Q.4. Give two uses of studying the business environment.
Ans. (a) It helps in developing broad strategies and long-term policies of the firm.
(b) It enables us to visualize the impact of socio- business. economic changes and accordingly make necessary adjustments
Q. 5. What do you mean by business?
Ans. According to Urwick and Hunt, “Business is any enterprise which makes, distributes or provides any article or service, which other members of the community are able and willing to pay for.” According to Alfred Marshal, “Business is taken…to include all provisions for the want of others which is made in the expectations of payment direct or indirect from those who are to be benefited.”
Q. 6. Define environment.
Ans. According to William F. Glucck and Lawrence R. Jounch, “The environment includes factors outside the firm which can lead to opportunities or threats to the firm. Although there are many factors, the most important of the factors are socio-economic, technological suppliers, competitors and government.”
Encyclopedia Britannica has defined environment as, “Environment is complex of physical and biotic factors that act upon on organism or an economical community and ultimately determine its formal and survival.”
Q. 7. Define business environment. (2012)
Ans. According to A. M. Weimer, “Business environment is the climate or set of conditions economic, social, political or institutional in which business operations are conducted.”
According to William Glucck and Jaurch, “In environment there are external factors which constantly spins out opportunities and threats to the business firm”.
According to Richman and Copen, “There are lots of pressures and controls which are mostly outside the control of individual firm and its managers.”