Commerce · Class 11 Commerce
Ch 1Concept of Business — Class 11 Commerce, concept-first.
Every economy runs on the everyday buying, selling, making, and moving of goods and services that people need. The word "business" is used loosely in ordinary speech, but in commerce it has a precise meaning: business is any economic activity that is carried on regularly, involving the production or exchange of goods a…
Key concepts
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Meaning and Features of Business
Business is an economic activity carried on regularly, involving the production or exchange of goods and services, with the object of earning profit by satisfying human wants.
Most relevant Q&A
- Define business.Free
- State any four features of business.Free
- Which one of the following is NOT a feature of business? (a) Economic activity (b) Regularity of transactions (c) Guaranteed profit every ye…Preview
- Define Business. What are its characteristics?Preview
- Define Business. What are its characteristics?Preview
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning and Nature of Business
Every economy runs on the everyday buying, selling, making, and moving of goods and services that people need.
Features of Business
Business activity, wherever it is carried on and whatever its size, shares a common set of features that distinguish it from other human activities:
Objectives of Business
A business does not exist for a single purpose; it pursues several kinds of objectives at the same time, and management writers commonly group them under four broad heads.
Business, Profession and Employment
Earning a livelihood is possible in three different ways, and commerce studies each as a distinct mode of economic activity: business, profession, and employment.
Classification of Economic Activities: Industry, Commerce and Trade
The whole of business activity is conventionally classified into industry and commerce, and commerce is further split into trade and the aids to trade.
Aids to Trade (Auxiliaries to Trade)
Trade -- the actual act of buying and selling -- is rarely enough by itself to move goods efficiently from a producer to a distant, unknown consumer.
Business Risk
Because a business commits money, material, and effort today in exchange for a return that will only be known in the future, every business, by its very nature, carries an element of risk -- the possi…
Sample & Board Papers
Sample papers and previous-year board questions for this subject.