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how will you classify business activities

Explain in detail about the classification of business activities into Industry and Commerce. Business activities can be broadly classified as: Industry: An industry is concerned with the production and processing of goods and raw materials. Primary Industry: The primary industry includes those activities through which the natural resources are used to provide raw materials to other industries. II. Industry: Different types of industries are as follows: 1. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Explain any two business activities which are auxiliaries to trade. Performance & security by Cloudflare, Please complete the security check to access. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. (b) Import Trade: If goods are purchased from another country, it is called import trade. (iv) Commerce is a part of economics. The sectorwhere raw material gets converted into useful products is called industry. An industry may produce consumer goods or capital goods. • The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. Name the two broad categories of business activities. Economics is a study of human beings as consumers and producers and it has a much wider scope than commerce. 2. Secondary Industry: Under this industry new products are manufactured by using the previously produced things e.g., producing cotton is a primary industry and manufacturing cloth out of cotton is a secondary industry. Necessary funds can be obtained from a bank. 3. III. Cloudflare Ray ID: 5f8a4d37fd7b1ec6 Your IP: 51.136.29.54 Business activities can be classified in the following ways: I. Internal trade is classified into two categories—retail trade and wholesale trade. Transportation and Communication: The production of goods takes place at one place whereas these are demanded in different parts of the country. Warehousing: There is generally a time lag between the production and consumption of goods. An industry can … Internal Trade: It takes place within a country. Banking and Finance: Business needs funds for acquiring assets, purchasing raw materials and meeting other expenses. Business activities can be classified in the following ways: I. Business and Profession: Business is a sum total of activities pursued with a purpose to produce and accumulate wealth. Insurance: It provides a cover against the loss of goods, in the process of transit, storage, theft, fire and other natural calamities. It is classified into two categories. Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. 3. It embraces all those activities which are necessary for maintaining a free flow of goods and services. (c) Export Trade: If goods are sold to other countries it is called export trade. The obstacle of place is removed by the transport. Industry: Different types of industries are as follows: 1. Primary industries are of two types. Auxiliaries to Trade: All those activities which help in removing various hindrances which arise in connection with the production and distribution of goods are called auxiliaries to trade. In other words, Business – Industry + Commerce On the basis of these two categories, we may classify business firms into industrial and commercial enterprises. Retail Trade: It refers to buying of goods and services in relatively small quantities and selling them to the ultimate consumers. How would you classify business activities? Primary industries are of two types. Commerce: Commerce refers to all those activities which are concerned with the transfer of goods and services from the producers to the consumers. Along with transport, communication is also an important service. Good… You may need to download version 2.0 now from the Chrome Web Store. Economic activities may be classified into business, …… and employment. Commerce – It includes all those activities which are necessary for facilitating the exchange of goods and services. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. (d) Entrepot Trade: Goods are imported for export to other countries e.g. 2. trade. Tertiary or Service Industry: It includes those services which help business to move smoothly e.g. 4. Business is a wider concept and includes industry too. Industry – It is concerned with the production or processing of goods and materials. It is through advertising that the customers come to know about the new products and their utility. This problem can be solved by storing the goods in warehouses. The common communication services are postal service, telephone, fax, internet etc. It helps in exchange of information between producers, consumers and traders. Primary Industry: The primary industry includes those activities through which the natural resources are used to provide raw materials to other industries. Advertising: Advertising brings goods and services to the knowledge of prospective buyers. 1. Another way to prevent getting this page in the future is to use Privacy Pass. 2. It includes trade and auxiliary to. External trade can be classified into three categories. It is of two types. Trade refers to buying and selling of goods and services with the objective of earning profit. Activities related to production & processing as well as activities related to rearing & reproduction of animals or other living species are all included in the industry. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. Indian firm may import some goods from America and export the same goods to Nepal. 2. Business activities are broadly classified into two categories: 1. • The business activities can be classified as: Industry: It refers to economic activities, which are connected with conversion of resources into useful goods. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students. transport, bank, insurance, storage and advertising. 5. (а) External Trade: It happens between two or more countries. 1. An overview of these activities is given below: 1.

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