13. Explain primary, secondary and tertiary industries.
14. Distinguish between internal trade and external trade.
15. How do banking and insurance facilitate trade and commerce?
16. Explain with examples 'Genetic' and 'Construction' Industries.
17. What is trade? Distinguish between wholesale and retail trade.
18. Explain in brief various types of foreign trade.
19. Distinguish between extractive industries and genetic industries by giving ex
20. Distinguish between manufacturing industries and construction industries b-
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Answers
13. Primary Industry : includes all those industries which are concerned with extraction of natural resources and reproduction of living species .
Secondary Industry : makes use of products of primary industry as the raw materials and produce finished products .
Tertiary Industry : is concerned with providing services which facilitates a smooth flow of goods and services .
14. Internal Trade : refers to buying and selling of goods and services within the geographical boundaries of a country.
Also known as Home Trade .
Two types of internal trade - wholesale and retail
External Trade : refers to buying and selling of goods and services beyond the geographical boundaries of a country .
Also known as trade between 2 or more countries .
Three types of external trade - export , import and entrepot
15. Banking and finance : provide credit facility , loan , etc. to provide finance for smooth flow of business activities . Banks also help businessman to overcome the problem of funds . They provide facilities like overdraft , cash credit limit , arrangement and payment in foreign currency in case of foreign trade .
Insurance : Businessmen have to bear various types of risk . Insurance provides protection for some kinds of risk such as risk of loss due to fire , theft , accident , etc.
16. Genetic Industry : The industry involved in the activities of rearing and breeding of living organism , i.e, birds, plants , animals , etc. are known Genetic Industry .
Example - rearing of cattle for milk , dairy farms , poultry farms , pisciculture, etc.
Construction Industry : These industry use products of manufacturing industry such as cement , iron and steel ,etc .
Example - roads, buildings, dams , etc .
17. Trade : is an integral part of commerce . It refers to buying and selling of goods and services .
Wholesale Retail
a. Refers to buying and selling of a. Refers to buying and selling of
goods and services in large quantity goods and services in small quantity.
b. Buys goods directly from b. Buys from wholesalers.
manufacturer.
c. Sells to retailers. c. Sells to ultimate consumers .
d. Specialises in one line of product. d. Maintains variety of goods.
e. Large amount of capital required. e. Small capital.
18. Import : Refers to buying of goods from foreign country .
Export : Refers to selling goods to a foreign country .
Entrepot : Refers to buying of goods (import) for the purpose of selling (export) to some other country.
19. Extractive Genetic
a. Those industry which involve a. Those industry which involve
extraction of natural resources. rearing and breeding of living beings.
b. Ex - minerals from earth , b. Ex- dairy farms, poultry farms ,etc .
fish from rivers, etc .
20. Manufacturing Construction
a. Those industry which are engaged a. Those industry which make use of of products of manufacturing
in the process of conversion of industry.
raw materials / semi - finished into
finished goods .
b. Ex- timber is converted into b. Ex- buildings , road
furniture .