(c) Export Trade: If goods are sold to other countries it is called export trade. Industry: Different types of industries are as follows: 1. It helps in exchange of information between producers, consumers and traders. Necessary funds can be obtained from a bank. trade. II. Tertiary or Service Industry: It includes those services which help business to move smoothly e.g. An overview of these activities is given below: 1. Retail Trade: It refers to buying of goods and services in relatively small quantities and selling them to the ultimate consumers. Business is a wider concept and includes industry too. 2. Business activities are broadly classified into two categories: 1. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. 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. Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. 3. 4. (d) Entrepot Trade: Goods are imported for export to other countries e.g. (а) External Trade: It happens between two or more countries. Along with transport, communication is also an important service. Cloudflare Ray ID: 5f8a4d37fd7b1ec6 1. • Primary Industry: The primary industry includes those activities through which the natural resources are used to provide raw materials to other industries. An industry may produce consumer goods or capital goods. Explain in detail about the classification of business activities into Industry and Commerce. Primary Industry: The primary industry includes those activities through which the natural resources are used to provide raw materials to other industries. 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. Good… Your IP: 51.136.29.54 Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. Insurance: It provides a cover against the loss of goods, in the process of transit, storage, theft, fire and other natural calamities. 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. It includes trade and auxiliary to. 5. Business activities can be classified in the following ways: I. Economic activities may be classified into business, …… and employment. Business activities can be classified in the following ways: I. The sectorwhere raw material gets converted into useful products is called industry. It is of two types. The business activities can be classified as: Industry: It refers to economic activities, which are connected with conversion of resources into useful goods. Trade refers to buying and selling of goods and services with the objective of earning profit. External trade can be classified into three categories. Industry – It is concerned with the production or processing of goods and materials. It embraces all those activities which are necessary for maintaining a free flow of goods and services. It is through advertising that the customers come to know about the new products and their utility. III. Name the two broad categories of business activities. The obstacle of place is removed by the transport. • 2. 2. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. Performance & security by Cloudflare, Please complete the security check to access. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. 3. 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. (iv) Commerce is a part of economics. It is classified into two categories. Advertising: Advertising brings goods and services to the knowledge of prospective buyers. In other words, Business – Industry + Commerce On the basis of these two categories, we may classify business firms into industrial and commercial enterprises. Commerce: Commerce refers to all those activities which are concerned with the transfer of goods and services from the producers to the consumers. Primary industries are of two types. 2. 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. An industry can … You may need to download version 2.0 now from the Chrome Web Store. transport, bank, insurance, storage and advertising. 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.