Definitions [3]
Define business.
Business refers to an economic activity that basically involves trading of goods and services on a regular basis. The sole motive with which a business is conducted is profit.
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Prof. Haney: “Business activities are all those human activities that are directed towards the production and processing of wealth.”
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Prof. Pride, Hughes, and Kapoor - “The organized efforts of individuals to produce and sell for a profit the goods and services that satisfy society’s needs.”
Define industry.
Industry refers to all those economic activities which are concerned with converting the raw materials and resources into useful goods. The terms is often used to describe a group of firms producing similar type of products.
Formulae [1]
Every business operates with the aim of earning a profit, which is the excess of revenue over costs.
- Profit = Revenue - Total cost
Concepts [18]
- Concept of Business
- Comparison of Business, Profession and Employment
- Business Objectives
- Role of Profit in Business
- Objectives of Business - Human and National
- Classification of Business Activities
- Meaning of Industry
- Types of Industries - Primary
- Types of Industries - Secondary
- Types of Industries on the Basis of Size(Micro,Small,Medium and Large)
- Role of Small Businesses in India
- Classification of Human Activities - Economic and Non-economic
- Types of Economic Activities
- Nature and Functions of Commerce
- Importance of Commerce
- Branches of Commerce
- Trade and Aids to Trade
- Relationship Between Commerce, Trade and Industry
