Business

Things to remember

• Business is an economic activity aimed at fulfilling the needs and wants of customers through the supply of goods and services for their satisfaction.
• Business equally contributes to the individuals, society and nation as a whole.
• Business increases earning capacity of the people and makes their life comfort and happy. As a result, it maintains economic stability and prosperity in the society.
• Economic activity, production and distribution, risk and uncertainty, profit motive and regular transactions are the characteristics of the business.
• On the basis of the nature of these business activities, the business can be classified into: industry, commerce and trade.
• Industry is the activity relating to extraction, reproduction, manufacturing and construction of products. It can be classified into Primary industry(Extractive and Genetic industry) and Secondary Industry(Manufacturing and Constructive Industry)