Important topics of chapter 1 in business for +1 class
Answers
Transportation removes hindrance of a locatio
by transporting the commodities from the place of manufacturing to the market place for selling purpose.
However, insurance removes the hindrance of perils of loss or damage of commodities due to dire, theft and accidents etc.,
Advertising removes the hindrance of the data by keeping the customers informed regarding the commodities and services that are obtainable in the market place.
Question 15
Insurance is known as the tertiary industry. Explain.
Answer: Insurance is the support service to both the primary and secondary industries.
The tertiary industry is the section of the economy that contributes services to its customers, including a broad array of businesses such as schools, financial institutions and restaurants. It is also called as the tertiary sector or service industry/sector.
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