Jagran Josh
CBSE Class 11 Business, Trade and Commerce Notes: Find revision notes for CBSE Class 11 Business Studies Chapter 1, Business, Trade and Commerce. You can also download these notes using the link attached below, for future reference. These revision notes will assist you in your exam preparation.
Business, Trade, and Commerce Class 11 Notes: Revision can be understood as a process of looking at something/studying something again. Revision notes should be prepared by students while reading the chapter. Writing also helps students remember the information for a longer duration of time. During examinations, reading from revision notes not only helps students in saving time but also helps them to catch up with the syllabus fast. It is the most important part of exam preparation. Experts say that there are high chances of students remembering revised topics during an examination.
Students often refer to multiple types of study materials during exam preparation because of the constant pressure of covering the syllabus and remembering every topic. To assist you in the process, we have brought to you revision notes for Chapter 1 of Class 11 Business Studies. We have also attached links to other important study materials to guide you throughout.
Related:
MCQs for CBSE Class 11 Business Studies PDF(2023-2024)
Mind Maps for CBSE Class 11 Business Studies PDF(2023-2024)
Revision Notes for CBSE Class 11 Business, Trade, and Commerce are:
What is Business?
It is an economic activity that deals with buying and selling goods and services to fulfill the needs of people and drive profit out of it. It is an umbrella under which multiple economic activities such as manufacturing, production, and transportation come into play. In a nutshell, it comprises commerce, industry, and trade.
What are the Characteristics of Business
- An economic activity
- Production or Procurement of goods and services
- Sale or exchange of goods and services
- Dealings in goods and services on a regular basis
- Profit earning
- Uncertainty of return
- Element of risk
Difference between Business, Profession, and Employment
|
Business |
Profession |
Employment |
|
A business is established through the entrepreneur’s decision and other legal formalities |
Profession is established through membership in a professional body and a certificate of practice |
It is established through an appointment letter and service agreement |
|
Provision of goods and services to the public |
Personal, expert services are delivered |
Work has to be performed as per the service agreement or rules of service |
|
No minimum qualification is required |
Qualification, training, and expertise are required as demanded by the professional body |
Qualification and training are required, as demanded by the employer |
|
Profit earned in a business acts as a source of income |
A professional fee is the source of income |
Salary or wage system |
|
Heavy capital investment |
Capital required as per need |
No capital required |
|
High risk |
Can be at risk sometimes |
No risk, since the wage is fixed |
|
Eg: Shop, factory |
Eg: CA, legal services |
Eg: Banks, government departments |
Classification of business activities
Business activities can be classified into two broad categories:
1.Industry- It involves the activity of converting resources into useful goods. Generally requires technical skills and heavy equipment. It can be further divided into three types. They are primary, secondary, and tertiary.
a)Primary Industry– Activities concerning extraction and production of natural resources and reproduction and development of living organisms, fall under primary industries. Sub-types of such an industry are as follows:
- Extractive industries– These industries extract or draw products from natural sources which are then used in the manufacturing of several other goods. Examples: Farming, Mining, Lumbering
- Genetic industries– These industries breed plants and animals for further reproduction. Examples: poultry farming, cattle breeding
b)Secondary Industry– They use goods extracted from the primary sector. Their sub-types are:
- Manufacturing industries– These industries produce goods by using raw materials extracted from primary industries. There are four different types of manufacturing industries, based on their methods of operation and production. They are Analytical industry- they analyze materials and refine them, like oil refineries. Synthetical industries where they use different materials to form a product- cement. Processing industries, which involve successive stages for the manufacture of the final product- sugar. Assembling industries, assemble different materials to form a product- cars, mobile phones.
- Construction industries-These industries are involved in the process of construction. Example: Architecture, Engineering
To find complete revision notes, click on the link below
Also find:
CBSE Class 11 Syllabus 2023-24 (All Subjects)
CBSE Class 11 Deleted Syllabus 2023-24 (All Subjects)
NCERT Class 11 Rationalised Content 2023-2024 (All Subjects)
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