This page contains the entrepreneurship class 11 cbse book chapter/unit Concept of Market Market Market Where Are You notes where in the questions/answers/solutions for this chapter/unit 5 (A) are covered.
This page contains Concept of Market – Market, Market, Where Are you? related solutions. If you’re looking for other questions/solutions in the Concept of Market chapter, you can find them at
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Very Short Answers
Question Q.1.(i)
Q.1.(i) What is meant by E-Commerce?
Answer Q.1.(i)
E-Commerce means the interaction of a firm with its customers and suppliers over the internet.
Short Answers
Question Q.2.(i)
Q.2.(i) Define ‘Market’?
Answer Q.2.(i)
The word market is derived from the Latin word marcatus, meaning merchandise, ware, traffic, trade, or a place where business is conducted. The market is a very dynamic concept and has grown and changed over time. It plays an important role in making the economy strong and stable.
Question Q.2.(ii)
Q.2.(ii) Define ‘Traditional Markets’?
Answer Q.2.(ii)
Traditional markets refer to the early production phase when there was scarcity of manufactured goods. In that period, goods were brought to a specific place and buyers came there to purchase them. So, the traditional concept of market mainly meant a place where actual buying and selling takes place.
Question Q.2.(iii)
Q.2.(iii) In what terms, with passage of time, did the industrial activity intensified?
Answer Q.2.(iii)
With the passage of time, industrial activity intensified in terms of quantity, quality, variety of products, competition, awareness on the part of consumers, and emergence of laws and enactments to protect consumers’ interest. These changes made markets larger, more active, and more competitive.
Question Q.2.(iv)
Q.2.(iv) What range of activities business comprise of?
Answer Q.2.(iv)
Business is a wider term and includes two main ranges of activities:
1.
Industry– production and related activities
2.
Commerce– trade and aids to trade
Thus, business covers both producing goods/services and helping them reach the market.
Long Answers
Question Q.3.(i)
Q.3.(i) Give 3 points of difference between the Traditional Market and Modern Markets.
Answer Q.3.(i)
Basis
Traditional Market
Modern Market
Meaning
It mainly meant a place where buyers and sellers met for actual buying and selling.
It is a wider concept and includes demand, competition, consumers, and exchange systems.
Nature
Goods were brought to a fixed place and buyers came there.
Business is not limited to one place; it includes wider and changing forms of exchange.
Features
It had less variety and less competition.
It has more quantity, quality, variety, competition, and consumer awareness.
Question Q.3.(ii)
Q.3.(ii) Discuss the role of E-Business in promoting the business community.
Answer Q.3.(ii)
E-Business plays an important role in promoting the business community because it allows firms to interact with customers and suppliers through the internet. E-commerce means the interaction of a firm with its customers and suppliers over the internet. This makes communication faster, wider, and more convenient. It helps businesses reach more customers, reduce time and cost, improve efficiency, and expand their market beyond local limits. Thus, e-business supports growth and development of modern business.
Very Long Answers
Question Q.4.(i)
Q.4.(i) Differentiate between E-Commerce and E-Business.
Answer Q.4.(i)
Basis
E-Commerce
E-Business
Meaning
E-Commerce means the interaction of the firm with its customers and suppliers over the internet.
E-Business means the conduct of industry, trade, and commerce using computer networks.
Scope
It is narrower in meaning and mainly focuses on buying, selling, and online interaction with customers and suppliers.
It is wider in meaning because it includes both industrial and commercial activities through internet/computer networks.
Main focus
Its main focus is on market transactions and exchange over the internet.
Its main focus is on carrying on the overall business activities electronically.
Coverage
It mainly covers the firm’s dealings with customers and suppliers.
It covers a larger business range because business includes industry and commerce.
Nature
It is a part of electronic business activity.
It is a broader concept under which e-commerce is included.
So,e-commerce is a narrower concept, while e-business is a broader concept that includes many more business activities besides online buying and selling.