Business Entrepreneurship · Classes 9-10 · Chapter 1
Importance of Business.
A market day is more than buying and selling. Lorries roll, banks take in savings, and people without work find some. Business is not just a sum of profit, it is a wheel that turns a country. The book lists these gains one by one, then shows them together in Halima's story.
1. What business does for a country
Business counts as an economic activity, yet its work does not stop at the economy: it contributes specially to a country's overall socio-economic and political development. Through business, resources can be put to proper use, and that quickens the country's economic development.
When business grows, transport, bank and insurance organisations develop with it. Business increases savings, creates capital, and raises per capita and national income. And through business, people who have no work find employment.
Business develops research and creative work. Trade between countries carries goods and services, and with them an exchange of cultures. New cities and ports grow up around business and trade, and the use of advanced technology becomes possible.
See the list as one picture. A business starts on a river bank; drag the time and watch what grows around it.
one business, many resultsdrag the time
From a river bank to a port
The village is imaginary. The order of the steps is only a picture; the book gives the results as a list.
Now recall the book's list and sort: which of these does business bring about, and which not?
sort themRecall the book's list
What follows?
Pick up a chip, then drop it in a box.
Right. Next one.
Not yet. The book says business creates employment and raises incomes and development.
All in place. Savings, capital, income and jobs grow; rising unemployment or falling income is not what business brings.
The result shows in the look of whole countries. The countries that are advanced in business and trade are the ones standing at the peak of development in today's world.
2. Halima's story
The book's Halima passed her SSC and began a business with a small capital. Her story shows the gains above all at once. Tap the chips below to see which importance each bold part of the story shows.
Importance in the storyTap a phrase
Halima's business
After her SSC, Halima starts a business with a small capital. Now nearly 50 men and women work in her firm. Most of them lost their homes to river erosion, and Halima gives them simple training. Village girls have joined the business too, and their economic condition and standard of living have improved.
Started small. Business can begin with a small capital, and as it runs, capital is created.
Nearly 50 at work. This is employment: business creates work for people.
People who lost their homes. People without work get simple training and then a job. This too is employment for the unemployed.
Village girls. Business spreads opportunity out to the village.
Standard of living. With income and work, their economic condition and standard of living improve.
All five seen. In one small business, capital, employment and a better standard of living arrived together.
Run through the list once more on four cards. Think first, then flip.
ImportanceThink, then flip
Importance cards
QuestionWhich three organisations develop?
AnswerTransportation, bank, insurance.
QuestionWhich activities develop?
AnswerResearch and creative work.
QuestionWhich countries are at the peak?
AnswerCountries developed in business and trade.
QuestionWhat is exchanged along with goods?
AnswerCulture.
3. Check yourself
Three questions from the book's list.
check yourselfpick one answer
Question 1
What makes a special contribution to a country's socio-economic, political and overall development?
Right. Though business is considered as economic activities, it contributes to the overall development of the socio-economic and political condition of a country.
'Social system' does not fit here. The book says: Though business is considered as economic activities, it contributes to the overall development of the socio-economic and political condition of a country.
'Culture' does not fit here. The book says: Though business is considered as economic activities, it contributes to the overall development of the socio-economic and political condition of a country.
'Civilization' does not fit here. The book says: Though business is considered as economic activities, it contributes to the overall development of the socio-economic and political condition of a country.
In the second, test every option against the list.
check yourselfpick one answer
Question 2
As a result of business:
i. savings increase ii. capital is formed iii. national income increases
Statement iii is also true, but this option leaves it out. Business increases savings, creates capital and increases per capita and national income.
Statement ii is also true, but this option leaves it out. Business increases savings, creates capital and increases per capita and national income.
Statement i is also true, but this option leaves it out. Business increases savings, creates capital and increases per capita and national income.
Right. i is true: Business increases savings (p.5). ii is true: Business creates capital (p.5). iii is true: Business increases per capita and national income (p.5).
Think the last one through before you choose.
check yourselfpick one answer
Question 3
What is quickened through business?
'Providing medical care' does not fit here. The book says: Through business proper utilization of resources is possible and the economic development of a country is quickened.
Right. Through business proper utilization of resources is possible and the economic development of a country is quickened.
'Making laws' does not fit here. The book says: Through business proper utilization of resources is possible and the economic development of a country is quickened.
'Change of the social structure' does not fit here. The book says: Through business proper utilization of resources is possible and the economic development of a country is quickened.
The whole note on seven cards.
cut from the notetap to turn over
Seven cards
QuestionDevelopment of which three kinds of organisations follows from business?
AnswerTransportation, bank and insurance organisations.
QuestionBusiness increases savings, creates … and increases per capita and national income.
Answercapital
QuestionWhat does business create for the unemployed?
AnswerEmployment.
QuestionDevelopment of which activities does business bring about?
AnswerResearch and creative activities.
QuestionAlong with goods and services, what else is exchanged through business?
AnswerCultural views (culture).
QuestionAccording to the book, which countries are at the peak of development?
AnswerThe countries that are developed in business and trade.
QuestionWhich importance of business does Halima's story show?
AnswerCreation of employment and improvement of the economic condition and standard of living of women.
Source: Business Entrepreneurship, Classes 9-10 (NCTB), Chapter 1 “Introduction to Business”, the “Importance of Business” part.