People have been conducting business since the dawn of time. There was a flow of goods both within and beyond the country, and the earnings from such economic activities were used to support more investments.
A profession is any economic activity carried out by a person with specialised knowledge and abilities to benefit society.
Employment refers to any economic activity that involves doing labour for someone else in exchange for money.
The following are the main categories of business activities:
It is primarily focused on the commercial production of products and services. It is then separated into the following groups:
Primary Industry: It includes all those activities concerned with the extraction and production of natural resources and the development of plants, etc.
It is further divided into two parts:
It is broken into two sections:
These businesses are involved in the construction industry.
These businesses provide support services to primary and secondary sectors, allowing them to complete their tasks without interruption. For instance, the banking, transportation and communication industries.
Commerce:
All actions necessary for exchanging commodities and services are included in commerce. It also includes any actions that aid in reducing people, location, time, money, risk and information barriers that arise during the exchange of products and services.
It consists of two kinds of activities:
Domestic trade refers to buying and selling within one’s nation. It might be:
Foreign Trade refers to the purchase and sale of goods and services outside a country’s borders. It includes the following aspects:
Auxiliaries to trade facilitate the purchase and sale of products and services by reducing barriers such as location, people, time, money, risk and information. Auxiliaries to trade include:
The danger of insufficient profits or losses because of uncertainty or unexpected occurrences is a business risk.
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1. What is the role of business in the development of the economy? |
2. How does commerce contribute to the development of the economy? |
3. What are some examples of business activities that contribute to economic development? |
4. How does trade contribute to the development of the economy? |
5. What is the significance of commerce in attracting investments? |
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