How would you classify business activiti | Class 11 Business Studies Chapter Business, Trade and Commerce, Business, Trade and Commerce NCERT Solutions

Question:

How would you classify business activities?

Answer:

Business activities are classified into two categories:

Industry: Industry refers to economic activities, which are connected with conversion of resources into useful goods. The term industry is used for activities in which mechanical appliances and technical skills are involved. This includes activities relating to producing or processing of goods as well as breeding and raising animals.
Commerce: Commerce includes two types of activities that are: (i) trade and, (ii) auxiliaries to trade. Buying and selling of goods is termed as trade. But there are lots of activities that are required to facilitate the purchase and sale of goods. These are called services or auxiliaries to trade and include transport, banking insurance, communication, advertisement, packaging and warehousing.

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NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

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Reference examples and data from the chapter when answering questions about Business, Trade and Commerce.
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Welcome to the NCERT Solutions for Class 11 Business Studies - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 9: How would you classify business activities?....

How would you classify business activiti | Class 11 Business Studies Chapter Business, Trade and Commerce, Business, Trade and Commerce NCERT Solutions

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