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.

Question - 3 : - List the major exports and imports in ancient India.

Answer - 3 : -

Exports items of India are -spices, wheat, sugar, indigo, opium, cotton, parrot, sesame oil, live animals and animal products such as hides, skin, horns, furs, tortoise shells, sapphires, pearls, quartz, crystal, lapis, granites, lazuli, turquoise and copper etc.

Imports items consisted of horses, animal products, Chinese silk, flax and linen, wine, glass, gold, silver, tin, lead, copper, rubies, coral, amber, etc.

Question - 4 : - What were the different types of Hundi in use by traders in ancient times?

Answer - 4 : -

Types of hundi are:

1. Shah Jog Hundi: Payable to a respectable man

2. Jokhmi Hundi: It is a type of hundi which is applicable on goods transported by ship

3. Nam Jog Hundi: Payable to the named party or his order

4. Dhani Hundi: Payable to 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

Question - 5 : - What do you understand by maritime trade?

Answer - 5 : -

A kind of trade that involves transportation of goods through 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 through sea.

Question - 6 : - State the different types of economic activities.

Answer - 6 : -

Various economic activities are:

1. Profession: These are activities that requires specialised skills and knowledge and people involved in this are known as professionals

2. Employment: It is the type of economic activity where people get paid for the service they provide and are known as employees.

3. Business: It is the economic activity that deals with trading of goods and services with a motive to earn profit.

Question - 7 : - Why is business considered an economic activity?

Answer - 7 : -

Business is said to be an economic activity as the sole purpose of starting a business is to earn livelihood and also make profit from the activity. Hence, it is considered to be an economic activity.

Question - 8 : - State the meaning of business.

Answer - 8 : -

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.

Question - 9 : - How would you classify business activities?

Answer - 9 : -

Business activity can be classified as:

1. Industry

2. Commerce

Industry: It involves activities that are concerned with processing of raw materials to shape it 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 function 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 involved activities that include banking, transportation, advertising, communication. Commerce provides the necessary link that needs to exist between producers and consumers.

Question - 10 : -
What are the various types of industries?

Answer - 10 : -

Industries can be broadly categorized into three types:

1. Primary Industries: These type of industries focus on getting raw material and the examples are mining, fishing and farming.

2. Secondary Industries: Such industries are mainly involved with manufacturing goods from raw materials and includes car, steel and electronics industry.

3. Tertiary Industries: These industries provide services and support to primary and secondary industries and with activities related to trade.

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