"Commerce refers to, and includes, all those activities which are necessary to bring goods and services from the place of their origin to the place of their consumption"In the light of the above statement discuss five branches of conmerce.
Answers
Answer:
Business refers to those economic activities which are concerned with the production or purchase and sale of goods or supply of services with the main object of earning profits.
Profession refers to those activities which require special knowledge and skill to be applied by individuals in their occupations.
Employment refers to the occupation in which people work for others and get remunerated in return.
Question 2. Why is business considered an economic activity?
Answer: Any activity is called an economic activity when it is done with a view to earning money. The motive of a business is to earn profit primarily. However, there are some other objectives as well like increasing market share, improvement in productivity, employee satisfaction, consumer satisfaction, social objectives but the main and basic objective of a business is to make profits. Therefore, it is called economic activity.