Commerce Exam > Commerce Notes > Business Studies (BST) Class 11 > Mindmap: Nature and Purpose of Business
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Page 1 Business, T rade and Commerce Economic Activities Business Definition: Regular production or purchase and sale of goods Objective: Earning profit Profession Definition: Occupation requiring specialized knowledge Objective: Providing services Employment Definition: Work under contract for remuneration Objective: Earning salary Non-Economic Activities Definition: Activities for personal satisfaction T ypes: Social, parental, spiritual Role of Business in Economic Development Wealth creation and distribution Employment generation Quality of life improvements Business Characteristics: Economic activity, deals in goods and services, profit motive Objectives: Organizational, social, personal Profession Characteristics: Specialized knowledge, professional associations, ethical codes Examples: Doctors, lawyers, teachers Employment Nature: Contractual work, fixed salary, specific duties Comparison of Business, Profession, and Employment Mode of establishment Nature of work Qualification requirements Reward or remuneration Capital investment Risk Classification of Business Activities Industry T ypes: Primary, secondary, tertiary Categories: Scale, ownership, operation Commerce T rade: Buying and selling Auxiliaries: Banking, insurance, transportation, advertising Objectives of Business Market standing Innovation Productivity Physical and financial resources Earning profits Manager performance and development Worker performance and attitude Social responsibility Business Risk Nature: Uncertainty of returns Causes: Human, natural, economic, other factors Examples: Changes in consumer preferences, strikes Factors for Starting a Business Selection of line of business Size of firm Choice of form of business organisation Location of business enterprise Financing of business Physical facilities Plant layout Competent and committed workforce T ax planning Launching the enterpriseRead More
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Document Description: Mindmap: Nature and Purpose of Business for Commerce 2024 is part of Business Studies (BST) Class 11 preparation.
The notes and questions for Mindmap: Nature and Purpose of Business have been prepared according to the Commerce exam syllabus. Information about Mindmap: Nature and Purpose of Business covers topics
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