Nature and Scope of Business - Vocabulary Flashcards

Vocabulary flashcards covering key definitions, classifications, objectives, social responsibilities, and environmental factors from Module I: Nature and Scope of Business.

Human Activities

Activities which human beings undertake to satisfy their wants, categorized into economic activities and non-economic activities.

Economic Activities

Activities performed with an objective to earn money, such as farming to sell crops, working in a factory for wages, or trading goods.

Non-Economic Activities

Activities performed not to earn money, but to obtain satisfaction, physical fitness, recreation, or fulfill social and psychological motives.

Occupation

Economic activities in which people engage themselves on a regular basis to earn their livelihood.

Business

An economic activity involving regular production or purchase of goods and services for sale, transfer, and exchange with the object of earning profit.

Profession

An occupation requiring specialized knowledge and training, regulated by a professional body, whose primary objective is to provide service.

Employment

An occupation in which a person works regularly for another (the employer) under specified terms and conditions in return for fixed wages or salary.

Economic Objectives of Business

Business goals related to earning profit and key supporting functions, including creation of customers, continuous innovations, and best possible use of resources.

Social Objectives of Business

Business goals intended for the benefit of society, including production and supply of quality goods, adoption of fair trade practices, and general welfare contribution.

Human Objectives of Business

Business goals focused on the economic well-being, social and psychological satisfaction, and professional development of employees, as well as helping disadvantaged groups.

National Objectives of Business

Goals aimed at fulfilling national aspirations, such as creating employment, promoting social justice, producing according to national priorities, paying taxes, and export promotion.

Global Objectives of Business

Objectives focused on international competitiveness, raising general standards of living, reducing disparities among nations, and producing globally competitive goods and services.

Social Responsibility of Business

The obligation of a business to avoid harmful practices like hoarding, black-marketing, and adulteration, and to contribute positively to social welfare and environmental conservation.

Environmental Pollution

Contamination of the environment by various substances that cause adverse effects on living and non-living matters.

Air Pollution

Presence of unwanted gases, dust particles, and chemical smoke in the air that damages human health, vegetation, and the atmosphere.

Water Pollution

Contamination of water bodies due to human waste, industrial effluents, and toxic chemicals, making water unfit for consumption.

Land Pollution

Degradation of soil quality resulting from the dumping of industrial waste, non-biodegradable plastics, agricultural chemicals, and solid garbage.

Smog

A atmospheric condition occurring in winter when smoke and dust particles combine with fog, causing reduced natural visibility and respiratory irritation.

Noise Pollution

Excessive and unwanted sound generated by modern machinery, vehicles, and loudspeakers that disrupts communication and harms physical and psychological health.