Cheat sheet · Class 11 · CBSE · Commerce Business Studies
Business, Trade and Commerce cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 11 · Business Studies
Cheat sheet
Chapter 1Business, Trade and Commerce
Commerce = Trade + aids to trade (Banking, Insurance, Transport, Warehousing, Advertising — BITWA).
1. Business
An economic activity of producing or buying and selling goods and services regularly, for profit.
- economic activity
- dealing in goods/services
- regularity
- profit motive
- uncertainty
- risk
2. Economic Activities
Business
profit, capital invested.
Profession
specialised service, fee (doctor, lawyer).
Employment
work for wages/salary under contract.
3. Classification of Business
| Industry | Types |
|---|---|
| Primary | extractive (mining, fishing), genetic (nurseries, poultry) |
| Secondary | manufacturing (analytical, synthetical, processing, assembling), construction |
| Tertiary | services that support industry |
Commerce = Trade (internal, external) + Auxiliaries to trade.
4. Business Risk
- Causes: natural (floods), human (theft, strikes), economic (demand change), physical, other.
- Profit is the reward for bearing risk.
5. Key Points
- Objectives: economic, social, human, national.
- Starting a business: choose line, size, form, location, finance.
- Risk can't be avoided fully.
- Hindrances removed by aids to trade.
Remember: Business features | industry types | commerce = trade + aids
Business, Trade and Commerce: questions and notes
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