Determine the relationship among business trade

and commerce

Ans

Business is the whole process of Trade and Commerce . Commerce is subsets of business.
Trade is a subsets of commerce .

Trade focuses on only buying and selling.

Commerce focuses on buying selling along with other activities such as insurance ,
transportation, warehousing , advertising,banking etc.

Business is the whole activity of Accounting, Finance ,HRM, Production, R&D , Planing,
Managing when it is the process of exchange of goods and services among buyer and seller .

Alter way to define the relationship

Business refers to those economic activities which are connected with the production or
purchase and sale of goods or supply of services with the main objective of earning profit.
Further Business is Classified in to 2 categories.

1.Industry -: where Resources are converted into useful good which are of 3 type.

1. Primary industry -; These include all those activities which are connected with the
extraction and production of natural resources and reproduction and development of
living organisms.
2. Secondary industry-; These are concerned with using the materials, which have already
been extracted at the primary stage.These industries process such materials to produce
goods for final consumption or for further processing by other industrial units.
3. Tertiary industry -: These are concerned with providing support service to primary and
secondary industries.

2.Commerce -:it is related to purchase and sale things and factors related to them.further divided
into 2 type .

3.Trade-; it means sale,transfer or exchange of goods. It helps in making the goods produced
available to ultimate consumers or users.
Goal Vs Objective

The difference between Goal and objective has given below

Organiz
ation
Defination:

A social unit of people that is structured and managed to meet a need or to pursue collective
goals.
All organizations have a management structure that determines relationships between the
different activities and the members, and subdivides and assigns roles, responsibilities, and
authority to carry out different tasks. Organizations are open systems--they affect and are
affected by their environment.
 Ancillar
y
The literal meaning of Ancillary meaning is providing or support’

Service
Chapter1
What is Business?
Any profit-seeking organization that provides goods and
services designed to satisfy the customers’ needs.

Determine the differences between goods and service producing business

Fintech

Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the
delivery and use of financial services

Block chain

Explain the concept of adding value in a business, and identify

the major types of businesses
1)Revinue
2)Business model
3)Profit
4)Competitive advantage