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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 enterprise
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