In industry, materials are extracted or converted into finished and semi-finished product. Trade is the process of buying and selling of commodities.
Commerce relates to financial, transport, unsuring and other allied activities.
CHARACERISTICS OF BUSINESS
- It is a human activity directed towards the acquisition on wealth.
- It means exchange of goods services undertaken continually or recurrently.
- It consists of dealing in goods and services.
- The activities are directly concerned with the transfer or exchange of goods and services of value.
- The element of risk goes with the profit expected from a business activity.
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