Business means Industry and commerce. Industry is an economic activity, concerned with the procurement and processing of raw materials into finished products, that reaches the customer. Commerce is a business activity, wherein exchange for goods and services for value, is done on a large scale. Capital Required.
Which of the following is not an economic activity?
A student playing cricket is not an economic activity. Economic activity is the activity of making, providing, purchasing, or selling goods or services. Any action that involves producing, distributing, or consuming products or services is an economic activity.
Hunting is an extractive industry. These industries extract or draw out products from natural sources. Raw materials that are mostly products of the soil are some basic supply of extractive industries.
Which of the following is not a manufacturing industry?
A valid definition of a business purpose is to Create a customer. The customer is a foundation of a business and keeps it in existence. The customer alone gives employment. And it is to supply the customer that society entrusts wealth-producing resources to the business enterprise.
Sole-trade organization is also called as Individual proprietorship. It is the type of entity that is fully owned and managed by one natural person (not a legal person/entity) known as the sole proprietor. The business and the man are the same, it does not have a separate legal entity.