Concepts and explanation
Business activity produces or supplies goods and services to meet needs. It is economic, regular, involves risk and aims to create value. Profit supports continuity, but businesses also pursue social and ethical objectives. The CBSE unit also traces Indian trade and commerce: indigenous banking, intermediaries, transport, trading communities and merchant corporations, trade centres, imports and exports, and India’s place in the world economy. Industry produces or processes; commerce facilitates exchange through trade and auxiliaries such as banking, transport, insurance, warehousing and communication. Distinguish business from profession (specialised qualification and code) and employment (service for wages under an agreement).
Business example
A one-off sale of a used bicycle is usually not a business; repeatedly repairing and selling bicycles for income has regularity and an economic objective. For historical study, connect a trade centre to transport, finance and merchant networks rather than memorising isolated names.
Case-based practice
- Classify a doctor’s clinic, a salaried accountant and a student’s one-time sale as business, profession or employment; justify each using regularity, qualification and relationship.
- Write a short answer that names the relevant concept and applies it to the facts.
Quick revision
Revision cue: Define the term, distinguish it from a related concept and support the answer with a relevant example.