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Nature and Purpose of Business (Characteristics of Business Activities (An…
Nature and Purpose of Business
Definition of Economic Activity and Non - Economic Activity
Economic activity
All Activities which deal with money or wealth are called Economic Activities (Anything with the motive to earn money)
Business
Refers to those economic activities which are connected with the production or purchase and sale or supply of services with the main objective of earning profit
Profession
Profession Includes thse activities, which require special knowlefge and skill to be apploes by individuals in their occupation
Such activities are generally subject to guidlines of conduct laid down by professional bodies
Employment
Refers to the occupation in which people work for others and get remunerated in return. Those who are employed by others are known as employees
Non Economic Activity
Any activity without the incentive to earn money
Pleasure
Love for Family
Mental Satisfaction
Sympathy for others
Characteristics of Business Activities
An Economic Activity
Production or Procurement of Goods and Services
Sale or Exchange of goods and services for the satisfaction of human needs
Dealing in goods and services on a regular basis
Profit Earning
Uncertainty of Return
Element of Risk
Classification of Business Activities
Industries
Primary Industries
Extractive industries
Genetic Industries
Secondary Industries
Manufacturing Industries
Analytical Industry
Synthetic Industry
Processing Industry
Assembling Industry
Construction Industries
Teritery Industries
Transport
Banking
Teaching
Nursing
Police
Commerce
Trade
Internal or Home Trade
Wholesale
Retail Trade
External or Foreign Trade
Import Trade
Export Trade
Entrepot Trade
Auxilaries To Trade
Transport And Communication
Banking And Finacnce
Insurance
Warehousing
Advertising
Structure of Economy
Primary Sector
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Secondary Sector
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Tertiary Sector
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Quaternary Sector