Business and Industry 8th Notes KSEEB Social Science
→ Business is an important economic activity mainly concerned with production and distribution of goods and services to consumers.
→ Industry is an economic activity. It is concerned with production of goods, extraction of minerals and also providing some services.
→ Earning profit is the main objectives of business.
→ Business supplies goods and services to the consumers and thus creates consumers.
→ Trade is /a/ part of Business. It can be divided into 3 type. They are home trade, foreign trade and entrepot trade.
→ Trade within the country is called home trade. It is carried through retail and whole sales. The trade between two countries is called foreign trade.
→ Imports refers to a country buying goods from other country.
→ Export refers to country selling its goods to other country.
→ Entrepot trade refers to buying of godds from one country with a view to sell it to the other countries.
→ No country in the world is self sufficient in all the natural resources, so many countries depend on other one for the their requirement.
→ Industries are divided into they are primary industries and secondary industries.
→ Primary Industries produced goods by using the natural resources.
→ Secondary Industries are labour oriented Industries. They are further divided into manufacturing Industries cottage industries are also called house hold Industries.