Question

explain in detail classification of business activities on the basis of their function​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

There activities can be classified into two broad categories, industry and commerce.

1. Industry: Industry includes all those business activities that are concerned with the production of goods/services my converting raw material into useful products. It is further classified into three categories;

Primary - It refers to the extraction of natural resources. It has two types, extractive and genetic industries.

Secondary - It refers to the conversion or using the raw material to form finished goods /services. It has two types, manufacturing and construction industries. It has two types, manufacturing and construction industries.

Tertiary - It refers to the transportation, communication, IT, banking, insurance etc. fields.

2. Commerce: Commerce includes all those activities which help directly or indirectly in the distribution of goods/services to the final consumer. It is the link between producers and consumers. It is further classified as;

Trade - It involves buying and selling of goods/services. It has two types, home trade and foreign trade.

Auxiliaries to trade - It invloves activities which assist or support trade.

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