This section Covers..
01. Concepts
02. Comparisions
03. Modern Business structure
The word business simply means “the state of being busy”. It confines its study only to those human activities in relation to exchange of goods and services for money.
According to L.R. Dicksee “ Business refers to a form of activity pursued primarily with the object of earning profits for the benefit of those on whose behalf the activity is conducted. The term is used to cover the whole complex field of commerce and industry – the basic industries and the network of ancillary services, distribution, banking, insurance, transport and so on which serve and interpenetrate the world of business as a whole”.
Characteristics of Business:
Components of Business:
(I) Industry
1. Extractive Industries (Supplying products from Earth, air, water)
2. Manufacturing Industries (Conversion of raw materials or semi-finished goods into finished goods)
3. Genetic Industries (Production of multiplication of plants and animals)
4. Construction Industries (Construction of roads, bridges, building)
5. Assembly Industries (Shoe making and Manufacturing of automobiles)
(II) Trade
1. Home or Internal Trade (with in the boundary, like national; Wholesale and Retail trade)
2. Foreign or International Trade (like, Import, Export and Entrepot (Importing of goods with the view of re-export) Trade)
Objectives of Modern Business
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