Ch 1Business, Trade and Commerce — Class 11 Business Studies, concept-first.

All of us, no matter where we live, need a wide range of goods and services to meet our needs. When we want something we go to a market — a physical shop or an electronic marketplace on the internet —…

Business — including trade and commerce — has played a vital role since time immemorial, a theme the NCERT Class 11 Business Studies chapter opens with.

The word business comes from "busy," so at its simplest business means being busy. In a specific sense, business is an occupation in which people regularly engage in activities related to the purchase…

To see how business differs from other activities in society, we look at its distinguishing characteristics:

Economic activities are of three major types — Business, Profession and Employment. Telling them apart is a core distinction in the CBSE Class 11 Business Studies syllabus, and they can be compared on…

Business activities fall into two broad categories — industry and commerce:

Industry refers to economic activities connected with the conversion of resources into useful goods. The term generally applies to activities that use mechanical appliances and technical skills — prod…

Commerce includes two types of activities — (i) trade and (ii) auxiliaries to trade.

Trade is an essential part of commerce. It refers to the sale, transfer or exchange of goods, whether physical or virtual, and makes the goods produced available to consumers or users.

An objective is the starting point of business: every business is directed toward achieving certain objectives, which are simply all that business people want to get in return for what they do.

Because a business has to balance many needs and goals, it needs multiple objectives — it cannot pursue just one and expect excellence.

Business risk refers to the possibility of inadequate profits, or even losses, due to uncertainties or unexpected events.

The nature of business risk can be understood through its peculiar characteristics:

Business risks arise from a variety of causes, which are classified as follows:

Starting a business is like any other human effort in which resources are employed to achieve certain objectives.