THE WORLD OF BUSINESS -class-12-alternate-english-summary-questions-and-answers-chse
SUMMARY –
The essay “The World of Business” explains how business plays an important role in human society. Business is not only about earning profit but also about providing goods and services to meet the needs of people. It connects producers with consumers and makes life more comfortable.
The writer highlights that business has grown from simple barter trade in olden times to modern global trade. Today, business activities are supported by banks, transport, communication, and technology. They help in the exchange of goods across nations.
The essay also points out both positive and negative aspects of business. On the positive side, business creates employment, improves living standards, and brings progress to society. On the negative side, if business becomes selfish and profit-oriented, it leads to exploitation, corruption, and environmental damage.
The author stresses that true business should be guided by ethics and social responsibility. Businessmen must think not only of money but also of honesty, quality, and welfare of society. Only then can business become a noble activity and a blessing to mankind.
In conclusion, the essay teaches us that business and society are interdependent. A fair and honest business world ensures progress, peace, and prosperity for all.
SHORT QUESTION AND ANSWER
1. Q: What is the main purpose of business?
A: The main purpose of business is to provide goods and services to meet human needs, not just to earn profit.
2. Q: How was business carried on in ancient times?
A: In ancient times, business was carried on through barter, where goods were exchanged for other goods.
3. Q: What role does business play in society?
A: Business connects producers with consumers and improves the standard of living by supplying essential goods and services.
4. Q: Name two modern supports of business.
A: Banks and transport services are two important supports of modern business.
5. Q: How does communication help business?
A: Communication helps in advertising, contacting buyers, and spreading information about products.
6. Q: What is the negative side of business?
A: When business becomes selfish and profit-oriented, it leads to exploitation, corruption, and environmental harm.
7. Q: What does the author mean by ‘ethical business’?
A: Ethical business means doing business with honesty, fairness, and social responsibility.
8. Q: How does business create employment?
A: Business requires workers in production, distribution, and services, which creates jobs for people.
9. Q: Why is business called a social activity?
A: Business is called a social activity because it serves society by fulfilling needs and improving life.
10. Q: What is global trade?
A: Global trade is the exchange of goods and services between different countries of the world.
11. Q: How is modern business different from barter?
A: Unlike barter, modern business uses money, banks, technology, and transport to carry out large-scale trade.
12. Q: What happens when businessmen ignore ethics?
A: Ignoring ethics in business causes exploitation of consumers and loss of trust in society.
13. Q: How does business contribute to national progress?
A: Business increases production, provides employment, and generates revenue, helping in economic growth.
14. Q: What should guide true business according to the essay?
A: True business should be guided by honesty, quality, and social responsibility.
15. Q: What is the role of banks in business?
A: Banks provide loans, store money safely, and help in transactions, making trade easier.
16. Q: Give one example of business harming the environment.
A: Industries that pollute air and water for profit harm the environment.
17. Q: What does the writer say about profit in business?
A: Profit is necessary, but it should not be the only aim; social welfare is equally important.
18. Q: How are business and society interdependent?
A: Business depends on society for customers, and society depends on business for goods and services.
19. Q: What ensures peace and prosperity in society according to the lesson?
A: Fair and honest business practices ensure peace and prosperity.
20. Q: In one sentence, what is the central idea of the essay?
A: The essay shows that business should serve humanity with honesty while ensuring progress and welfare.
LONG QUESTION AND ANSWER
1. What is the main purpose of business according to the essay?
The essay The World of Business explains that the main purpose of business is not only to earn profit but also to serve society. In ancient times, business was simple and limited to barter. People exchanged goods for goods to satisfy basic needs. However, in modern times, business has expanded and become more complex. Today, it connects producers with consumers on a global scale. The author makes it clear that a true business is one that serves the needs of people honestly and fairly. It provides essential goods and services that make life easier and more comfortable. While profit is necessary for survival and growth, it should not be the only aim of business. If business becomes selfish and profit-oriented, it may exploit consumers and damage society. Therefore, the essay stresses that business should be guided by ethics, honesty, and social responsibility. A good business creates trust, improves living standards, and contributes to national progress.
2. How has business developed from ancient times to the present?
In ancient times, business was carried out through barter, where people exchanged goods for goods. For example, a farmer could give rice in exchange for cloth from a weaver. This method worked in small communities but had many limitations. With the invention of money, business became easier and more flexible. People could now buy and sell goods without depending on direct exchange. As human society developed, trade expanded across villages, towns, and later, nations. In modern times, business has grown into a global activity. Goods are transported across countries with the help of advanced transport and communication systems. Technology, banks, and industries support modern business, making it faster and more efficient. Today’s business is not only about local markets but also international trade. However, the essay warns that while business has developed greatly, it should always remain guided by ethics. Business should serve both profit and social welfare to be truly meaningful.
3. What role does business play in society?
Business plays an important role in society by fulfilling human needs and improving living standards. It provides essential goods and services like food, clothing, shelter, education, and healthcare. Business creates employment opportunities for people in production, trade, and services. It also encourages new inventions and technologies, making life more comfortable. Beyond this, business contributes to the progress of society by generating revenue for the government, which is used for schools, hospitals, and infrastructure. Business also promotes cultural exchange by connecting different countries through global trade. However, the role of business is not only economic but also social. It should aim at welfare and honesty, not just profit. If businessmen are selfish, society suffers from exploitation, corruption, and environmental damage. The essay stresses that business and society are interdependent. Society supports business by buying goods, and business supports society by serving its needs. Therefore, honest and responsible business ensures peace and prosperity.
4. Explain the positive and negative sides of business.
Business has both positive and negative aspects. On the positive side, business provides goods and services that make life easier. It creates employment and helps in reducing poverty. Business also improves living standards, supports economic growth, and contributes to national development. It promotes innovation and helps in cultural exchange through international trade. Thus, business is essential for the progress of society. On the negative side, business can become harmful if it is only profit-oriented. Dishonest businessmen may cheat customers by charging high prices or selling low-quality goods. Industries may pollute the air, water, and soil, causing harm to the environment. Sometimes, business leads to corruption, exploitation of workers, and widening of the gap between rich and poor. The essay warns that selfish business practices can damage society. Therefore, true business should always balance profit with social responsibility. Only then can it be a blessing rather than a curse.
5. How does business create employment opportunities?
Business creates employment in many ways. Every stage of business—production, distribution, and services—requires workers. In industries and factories, people are employed to manufacture goods. In agriculture, business supports farmers with seeds, fertilizers, and machines, creating jobs in farming. Distribution of goods requires transport workers, shopkeepers, wholesalers, and retailers. In modern business, banks, insurance companies, and communication systems also provide jobs to millions. Thus, business is one of the largest sources of employment in society. The essay highlights that by creating jobs, business improves the standard of living. When people earn money, they can buy more goods, which further supports business growth. This creates a cycle of progress for both individuals and society. However, the essay also warns that unfair business practices like exploitation of workers or underpayment can make employment harmful. Therefore, business should ensure fair wages, dignity of labour, and safe working conditions. Employment through ethical business leads to prosperity and peace.
6. What is the role of banks in business?
Banks play a crucial role in supporting business activities. In ancient times, business was small and limited, but modern business needs financial support to grow. Banks provide loans to businessmen for starting industries, buying raw materials, or expanding trade. They also provide safe storage of money and easy transactions through cheques, drafts, and digital payments. Without banks, it would be difficult to conduct large-scale business. Banks also act as intermediaries between savers and investors. They collect deposits from people and lend the money to entrepreneurs, thus supporting economic growth. For international trade, banks help in foreign exchange and safe money transfers between countries. The essay emphasizes that without banks, modern business would not function smoothly. Banks make trade faster, safer, and more reliable. They are the backbone of business in today’s world. However, both banks and businessmen must work with honesty and responsibility to ensure fair practices in society.
7. What does the essay say about profit in business?
The essay The World of Business acknowledges that profit is necessary for any business to survive. Profit allows businessmen to pay wages, reinvest in business, and expand their work. Without profit, a business cannot continue. However, the essay warns that profit should not be the only aim of business. If business focuses only on profit, it may lead to corruption, exploitation of workers, and cheating of customers. For example, selling low-quality goods at high prices or polluting the environment for cheap production are examples of profit-oriented practices. The essay stresses that business must balance profit with ethics and social responsibility. True business should provide good-quality goods, fair prices, and honest service. Profit should come as a reward for serving society well, not as the only goal. In conclusion, the essay teaches that while profit is important, it should always go hand in hand with honesty, fairness, and welfare of society.
8. How does business contribute to national progress?
Business contributes greatly to the progress of a nation. It increases production and provides goods and services for people, improving their standard of living. Business creates employment opportunities, reducing poverty and unemployment. It also generates revenue for the government through taxes, which are used for public services like schools, hospitals, and infrastructure. Business encourages innovation and technology, which modernizes industries and agriculture. Through international trade, business strengthens relations with other countries and earns foreign exchange. A strong business sector makes a nation economically powerful and respected globally. The essay emphasizes that business is not just about individual profit but also about collective progress. However, if business becomes selfish, it can create corruption, exploitation, and environmental damage, which harm the nation. Therefore, business must always be guided by ethics and social responsibility. A fair and honest business system ensures peace, prosperity, and overall progress for the country.
9. What is meant by ethical business?
Ethical business refers to conducting trade with honesty, fairness, and responsibility. The essay stresses that true business should not only aim at profit but also serve society. An ethical businessman provides good-quality goods at fair prices, pays workers fairly, and does not harm the environment. Ethical business avoids cheating, corruption, and exploitation. For example, selling adulterated food, polluting rivers, or avoiding taxes are unethical practices. Ethical business, on the other hand, builds trust between producers and consumers. It creates a good reputation, which is essential for long-term success. The essay highlights that society and business are interdependent. If business exploits society, it will eventually lose its customers and collapse. Therefore, businessmen must realize their social responsibility. Profit should be earned through honest service, not through dishonesty. Ethical business ensures both progress and peace in society. It makes business a noble activity and a blessing to mankind.
10. Why are business and society interdependent?
Business and society depend on each other. Business cannot survive without society because society provides customers, workers, and resources. People buy goods and services, work in industries, and supply raw materials, which keeps business running. Similarly, society depends on business to meet its needs. Business provides food, clothing, shelter, medicines, and other services that improve living standards. The essay emphasizes that if society does not support business, it will fail. Likewise, if business does not serve society honestly, people will lose trust in it. For example, a dishonest businessman may cheat customers, but in the long run, he will lose his business. This shows the close relationship between the two. Business must therefore act with responsibility, honesty, and ethics to maintain this balance. The essay concludes that when business and society work together in harmony, there is peace, prosperity, and progress for all.
11. How does modern technology support business?
Modern technology plays a crucial role in the growth and efficiency of business. Computers, the internet, and digital communication have made trade faster and easier. Online banking and digital payments allow transactions without physical cash, saving time and effort. Businesses use the internet to advertise products, reach customers globally, and manage supply chains efficiently. Technology in transport, such as trucks, ships, and airplanes, ensures goods are delivered quickly and safely. Automated machines in factories increase production and maintain quality. Inventory management systems and software help monitor stock and reduce losses. Technology also enables research and development, leading to new products and innovation. The essay highlights that modern business cannot function without technological support. However, it warns that technology must be used responsibly. Excessive focus on automation without considering social welfare may lead to unemployment or exploitation. A business that balances technology with ethics, human effort, and social responsibility can serve society better. Thus, technology, when used wisely, strengthens business and benefits both society and the economy.
12. Explain the importance of honesty in business.
Honesty is the foundation of any successful business. The essay The World of Business emphasizes that business should not only aim at profit but also act with integrity. Honest businessmen provide genuine products, maintain fair prices, and treat employees and customers with respect. This builds trust and loyalty among customers, which is essential for long-term success. Dishonest practices like selling substandard goods, cheating customers, or evading taxes may give short-term profit but harm reputation and society in the long run. Honest business practices ensure the welfare of society, reduce exploitation, and maintain harmony. They also encourage ethical competition among businesses, which benefits consumers with quality products and fair pricing. According to the essay, honesty in business creates a win-win situation where both businessmen and society prosper. Ethical business leads to social respect, sustainable growth, and national progress. Therefore, honesty should be a guiding principle for every businessman. Without honesty, business cannot become a noble or trusted activity.
13. What are the responsibilities of businessmen towards society?
Businessmen have several responsibilities towards society beyond earning profit. Firstly, they should provide good-quality products at reasonable prices, ensuring that consumers are not cheated. Secondly, they should treat employees fairly by paying proper wages, providing safe working conditions, and respecting their rights. Thirdly, businessmen must protect the environment by minimizing pollution, using sustainable resources, and adopting eco-friendly practices. Fourthly, they should contribute to social welfare through charity, education, healthcare, and community development. The essay highlights that business should support economic growth without harming social values. Exploitation, corruption, and dishonesty are unacceptable because society is the foundation of business. Ethical businessmen earn trust and long-term success, benefiting both themselves and the community. Ultimately, businessmen should realize that their success is intertwined with society’s well-being. Serving society responsibly makes business a noble activity and ensures peace, prosperity, and progress for all.
14. How does international trade influence business and society?
International trade connects countries and expands business beyond local markets. It allows goods and services to be exchanged globally, meeting diverse demands. For example, a country may export agricultural products and import technology or machinery it lacks. This exchange creates employment, generates foreign revenue, and strengthens the economy. It also promotes cultural understanding and cooperation among nations. Modern business relies heavily on global trade, facilitated by banks, shipping, and communication systems. However, international trade must be fair and ethical. Exploitation, overproduction, and environmental damage should be avoided. The essay emphasizes that business is a social activity, and international trade should benefit both the nation and its people. Countries that maintain ethical trade policies grow economically while protecting social and environmental values. In conclusion, international trade broadens business opportunities, enhances living standards, and fosters peaceful relations among countries when conducted responsibly.
15. Why is social responsibility important in business?
Social responsibility is the duty of businesses to act for the welfare of society. The essay The World of Business stresses that profit alone cannot define the success of a business. Businesses that neglect social responsibility harm society and eventually lose public trust. Responsible businessmen provide safe working conditions, pay fair wages, and ensure quality products. They avoid environmental pollution and adopt eco-friendly technologies. Social responsibility also includes contributing to education, healthcare, and community development. Such businesses build goodwill and strengthen their reputation. Ethical practices encourage trust between consumers and producers, which is essential for sustainable growth. By considering the welfare of society, businesses create a balance between profit and public interest. The essay concludes that socially responsible business is noble, respected, and sustainable. Profit and social welfare must go hand in hand, ensuring peace, prosperity, and progress for society as a whole.
