UNIT 1
Concept and characteristics of business. Objectives of business - Economic and
social, role of profit in business. Classification of business activities: Industry
and Commerce. Industry types: primary, secondary, tertiary - Meaning and sub
types. Commerce - trade: types (internal, external, wholesale and retail; and
auxiliaries to trade: banking, insurance, transportation, warehousing,
communication, and advertising. Business risks - Meaning, nature and causes.

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