Types of Business Activities

Broadly, the business activities can be classified as follow: 1. Industry Industry covers production aspect of goods. The term industry ...

Broadly, the business activities can be classified as follow:

1. Industry

Industry covers production aspect of goods. The term industry refers to the production aspect. The units engaged in producing the goods are collectively called as industry. The industry uses the raw material or semi finished goods for producing the finished goods. These goods can be industrial goods as well as consumer goods. The industrial goods are goods which are used in factories for manufacturing goods. An engineering unit manufactures the machine tools, it means the units is producing the industrial goods, because, such machines are further used for manufacturing the products. If a unit is producing butter, bread, cloth etc., it means the unit is manufacturing consumer goods, since these are consumed by consumers directly.

The industry creates the form utility in the goods. Thus, it produces the economic value. Industry requires both physical and mental efforts of human beings for creating economic values in the goods.

2. Commerce

Sale or exchange of goods and services is an essential characteristic of business. In the process of sale or exchange, goods pass through different stages till these are finally used or consumed by the customers, the last link in the chain from producer to customer. The process which fills the gap between producers and consumers is known as commerce. All activities which remove the gap between the producers and consumers  are known as commercial activities. It facilitates the distribution of goods and services among the consumers.



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Business Education: Types of Business Activities
Types of Business Activities
Business Education
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