Explain in detail the classification of business activities on the basis of their function.

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This is the answer of commerce part.I have already gave answer to industry part.... Pls like if it helps......:)

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This is the answer of commerce part.I have already gave answer to industry part.... Pls like if it helps......:)

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This is the answer of commerce part.I have already gave answer to industry part.... Pls like if it helps......:)

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This is the answer of commerce part.I have already gave answer to industry part.... Pls like if it helps......:)

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This is the answer of commerce part.I have already gave answer to industry part.... Pls like if it helps......:)

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This is the answer of commerce part.I have already gave answer to industry part.... Pls like if it helps......:)

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All the activities that are undertaken in connection with the production of goods and services and then transporting them from the place of production to places of consumption are called business activities. 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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