Know Thy Business –  CBSE Notes for Class 11 Entrepreneurship

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Facts That Matter

1. Business is an economic activity which involves production or processing and sale or exchange of goods and services at regular basis with an aim of earning profit.
2. Industry refers to all economic activities involved in converting raw materials into finished products which are ultimately consumed by consumers.
3. Types of industry are Primary industry, Secondary industry and Tertiary industry.
4. Producer’s Goods: The goods produced by one enterprise and used by other enterprises as raw material for further production.
5. Consumer Goods: The goods used by final consumers for deriving personal satisfaction.
6. Secondary industries are the industries which are concerned with the changing forms or transformation of the materials provided by primary industries.
7. Commerce refers to all those activities which facilitates exchange of goods/services or relates to the transfer of goods from place of production to ultimate consumers.
8. Components of commerce are trade and auxiliaries.
9. Trade can be home or foreign trade.
10. Auxiliaries to trade are Transportation, Banking, Insurance, Warehousing, Advertisement and Salesmanship.