Question

classified business activity

Answer 1

Classification of Business Activities. Various business activities may be classified into two broad categories — industry and commerce. Industry is Concerned with the production or processing of goods and materials. Commerce includes all those activities groups of firms producing similar or related goods.

Answer 2

Business activities may broadly be classified into two categories namely (A) Industry & (B) Commerce. Industry involves production of goods & services whereas commerce is concerned with the distribution of goods & services.