Unit-1 Nature And Scope Of Business

In this introductory unit, you will learn the exact connotation of terms like business, commerce, trade, industry etc.

Distinguish between business and industry?

What is the difference between commerce and industry?

How is trade different from commerce?

What is the main distinction between the economic activity and non-economic activity?

What is profession?

What is employment?

What is the difference between internal trade and external trade?

What is business? Explain its features and objectives.

What is business?

Is business different from profession and employment? Discuss.

What is industry? Explain its classification with illustrations.

What do you understand by commerce? Briefly explain the classification of commerce with suitable examples.

What do you understand by organisation? What are the basic forms of business organisation?

Is business different from profession and employment? Discuss.

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