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Practice each question, then open the answer or worked solution.
List any five major commercial cities of ancient India.
Commercial cities of Ancient India are given below:
1. Pataliputra
2. Taxila
3. Indraprastha
4. Mohenjodaro
5. Mathura
What is Hundi?
Hundi is a financial instrument that was developed in Medieval India to carry out transactions related to trade and credit. It is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. It is capable of being changed through transfer by valid negotiation.
List the major exports and imports in ancient India.
Items exported from India were spices, wheat, sugar, indigo, opium, cotton, parrot, sesame oil, live animals, animal products such as hides, skin, horns, furs, tortoise shells, and other materials like sapphires, pearls, quartz, crystal, lapis, granites, lazuli, turquoise and copper.
Items imported into India were horses, animal products, Chinese silk, flax and linen, wine, glass, gold, silver, tin, lead, copper, rubies, coral, amber, etc.
What were the different types of Hundi in use by traders in ancient times?
Types of hundi are as follows:
1. Shah Jog Hundi: Payable to a respectable man
2. Jokhmi Hundi: It is a type of hundi which is applicable to goods transported by ship
3. Nam Jog Hundi: Payable to the named party or his order
4. Dhani Hundi: Payable to the owner of hundi
5. Jawabi Hundi: A type of hundi that resembles a money order.
6. Darshani Hundi: Payable on sight
7. Miadi Hundi or Muddati Hundi: Hundi that is payable after a specified period of time
What do you understand by maritime trade?
A kind of trade that involves the transportation of goods by sea using ships as the primary medium is called maritime trade. There are specific regulations for this kind of trade as there is risk involved in transporting goods by sea.
State the different types of economic activities.
Various economic activities are as follows:
1. Profession: These are activities that require specialised skills and knowledge, and people involved in these are known as professionals.
2. Employment: It is the type of economic activity where people get paid for the service they provide, and they are known as employees.
3. Business: It is the economic activity that deals with the trading of goods and services with a motive to earn profit.
Why is business considered an economic activity?
Business is said to be an economic activity as the sole purpose of starting a business is to earn a livelihood and also make a profit from the activity. Hence, it is considered to be an economic activity.
State the meaning of business.
Business is the occupation where people engage themselves in activities that are related to purchase or production and sale of goods and services with the sole purpose of earning profit, and therefore produce or sell goods and services that are in demand.
How would you classify business activities?
Business activity can be classified as follows:
1. Industry
2. Commerce
Industry: It involves activities that are concerned with the processing of raw materials to shape them into the final product. The role of an industry is to provide value to the raw material so that it can be consumed by the end users (consumers). Industries are classified as primary, secondary and tertiary based on the functions they perform.
Commerce: It is mainly concerned with trading and related activities. It includes the exchange of goods and services. Commerce deals with two types of activities: trade and auxiliaries to trade. When goods are bought and sold, it is referred to as trade, and auxiliaries to trade involve activities that include banking, transportation, advertising, and communication. Commerce provides the necessary link that needs to exist between producers and consumers.
What are the various types of industries?
Industries can be broadly categorized into three types:
1. Primary Industries: These types of industries focus on getting raw materials; examples are mining, fishing and farming.
2. Secondary Industries: Such industries mainly involve the manufacturing of goods from raw materials and include the automobile,, steel and electronics industry.
3. Tertiary Industries: These industries provide services and support to primary and secondary industries with activities related to trade.