Business Studies: Concept of Business and Economic Reforms

Vocabulary flashcards based on lecture notes covering the definition of business, the distinction between economic and non-economic activities, and the 1991 Indian economic reforms.

Business

An occupation derived from the word 'busy' in which people regularly engage in activities related to purchase, production and/or sale of goods and services with a view to earning profits.

Economic activities

Those activities by which we can earn our livelihood.

Non-economic activities

Activities performed out of love or sympathy, such as a housewife cooking or a boy helping an old man, rather than for the purpose of earning a livelihood.

Economic Liberalisation of 1991

A three-pronged approach of liberalisation, restructuring, and integration with the global economy aimed at addressing changes in the international business scenario and government reform packages.

Major policy changes since 1991

Reforms concerning fiscal, monetary, trade, industry, agriculture, infrastructure, foreign exchange, and investment.

Government of India Initiatives

Programs such as 'Make in India', 'Skill India', and 'Digital India' expected to help the economy in terms of exports and imports with a steady and sustainable trade balance.