Discuss the importance of business and industry. Explain the relationship between industry, commerce, and trade. Explain what commerce isand describe its component parts.Finally, discuss the importance of the formal study of business in the present era.
Answers
Answer:
Importance of business
1. It helps in exchange of goods and services.
2. It connects producers and consumers both directly and indirectly.
Importance of Industry
1. It helps in production of raw material and converts it into finished products.
2.Different types of Industry are engaged in different levels of production.
Commerce: It refers to the buying and selling of goods and services.
There are two important components of commerce.
a) Trade b) Aids to trade
Importance of business in current era:-
1.In 21st century business is the only economic activity which helps the people to earn money
2. It is very easy to have a business and continue to do it but this completely depends upon how we are carrying the business.
3. There are different types of business a person can easily choose whatever type of business are they suitable with which not only helps to gain more incentive but also increased there interest in business
4. One if the most important part of business is profits.. It is like the blood to business..
5. Businessman should put the efforts regularly in order to gain profits..