Various business activities may be classified into two broad categories — industry and commerce. Industry is concerned with the production or processing of goods and materials. Classify definition, to arrange or organize by classes; order according to class. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. Important activities under the … It is further divided into three broad categories namely primary, secondary and tertiary. Various business activities may be classified into two broad categories — industry and commerce. Business is an extremely important activity for a country but it is not above the law. Commerce includes all those activities which are necessary for facilitating the exchange of goods and services. The business has to be legal and lawful. e.g., production of goods in 8 factory, distribution of goods by a wholesaler or retailer.. 2. All Chapter wise Questions with Solutions to help you to revise complete Syllabus and Score More marks in … The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. Goods s… Worksheets have become an integral part of the education system. Types of Economic Activities Economic activities can be divided into three categories. Business is a wider concept and includes industry too. Industry is concerned with the production or processing of goods and materials. Download revision notes for Sources of Business Finance class 11 Notes Business Studies and score high in exams. 1.5 CLASSIFICATION OF BUSINESS ACTIVITIES. It provides general guidelines, not specific reporting instructions. Solved Question for You. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. Business; Profession; Employment; 3. The business activities can be classified as: Industry: It refers to economic activities, which are connected with conversion of resources into useful goods. Business and Profession: Business is a sum total of activities pursued with a purpose to produce and accumulate wealth. 1.5 CLASSIFICATION OF BUSINESS ACTIVITIES. 1. If you conduct multiple business activities, it may be necessary to report under more than one tax classification. Every economic activity has to be within the limits of the law. The sectorwhere raw material gets converted into useful products is called industry. 11 Active Learning Activities for your Business Class Published on February 25, 2015 February 25, 2015 • 220 Likes • 54 Comments Worksheets are very critical for every student to practice his/ her concepts. 1. In this lesson, you'll learn more about business activities, the various types, and how they're interconnected. Students, teachers and parents can download all CBSE educational material and extremely well prepared worksheets from this website. 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. With employees comes the need to manage a company's human resources. CBSE Class 11 Business Studies - Classification of Business Activities. An industry may produce consumer goods or capital goods. All Chapter wise Questions with Solutions to help you to revise complete Syllabus and Score More marks in … Besides operations, marketing and finance activities, other types of business functions become important as a company grows. Free PDF download of NCERT Solutions for Class 11 Business Studies Chapter 2 Forms of Business Organisation solved by Expert Teachers as per NCERT (CBSE) Book guidelines. These are the Sources of Business Finance class 11 Notes Business Studies prepared by team of expert teachers. Free PDF download of NCERT Solutions for Class 11 Business Studies Chapter 1 Nature and Purpose of Business solved by Expert Teachers as per NCERT (CBSE) Book guidelines. Business activities are any activity a business engages in for the primary purpose of making a profit, including operations, investing, and financing activities. See more. (iv) Commerce is a part of economics. Commerce is concerned with the buying, selling and distribution of commodities. Ans: Chapter 1 of Class 11 Business Studies elaborates on Business, trade and commerce and briefly explains the meaning of these terms. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Business activities are classified into two broad categories viz, industry and commerce industry is concerned with the production of goods. 1. Economics is a study of human beings as consumers and producers and it has a much wider scope than commerce. The revision notes help you revise the whole chapter in … Commerce includes all those activities which are necessary for facilitating the exchange of goods and services. Economic Activities Activities which are under taken by people with the object of earning money are known as economic activities. It includes two activities viz trade and auxiliaries to trade. The country’s legislation puts clauses on the functioning of the business to control its activities. These include activities relating to producing or processing of goods as well as breeding and raising of animals.Among the major activities that are performed by an industry are production, processing and manufacturing. The following is a list of common business activities and which tax classifications to use on the Excise Tax Return. Business activities encompass all types of actions meant to help a company earn profits. Other Business Activities.