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UNDERSTANDING COMMERCE - Coggle Diagram
UNDERSTANDING COMMERCE
2. Human Activities
Commercial Activity
- Meaning -Economic activities which are concerned with the production, consumption, exchange and distribution of goods and services.
- Objective - Based on economic motives.
- Reward - Money income is expected
- Outcome- Undertaken for creation of wealth
- Examples - A nurse working in a Hospital.
Non-commercial activity
- Meaning - Non-Economic activities which are performed for pleasure or out of love and affection without the motive of earning anything.
- Objective - Based on social or psychological motives.
- Reward - Money income is not expected
- Outcome - Undertaken for personal satisfaction
- Example - A nurse nursing her mother.
1. Introduction
- Commerce refers to the exchange of goods, services or something of value, between businesses or entities.
- The sale or purchase of a single item by a consumer is defined as a transaction, while commerce refers to all transactions related to the purchase and sale of that item in an economy.
- Economic benefits, e.g., working in a factory, or in a office for some monetary returns.
- Other activities eg brushing, playing that do not produce any direct economic benefits i.e monetary returns received or expected.
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4. Industries - Industry is that part of business which is concerned with production of want-satisfying goods by properly utilizing available resources
Primary Industry
- Raw material - natural products from sea and land. eg - oil, iron ore, timbre, fish.
- Industry - mining, forestry, fishing, farming.
Secondary Industry/ Manufacturing sector
- Take raw material from primary sector and transform them into goods.
- eg - making plastic from oil, making chairs from plastic. Component processing, Food processing, raw material processing.
Tertiary Sector
- Businesses produces services.
- eg - transport, advertising, teaching, healthcare, hotels, beautician etc.
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