Commerce Dictionary By Isha

  COMMERCE- MEANING AND CLASSIFICATION                                                             https://youtu.be/FQIoSlBzz1A MEANING-  -COMMERCE IS CONCERNED WITH TRADING OF GOODS AND SERVICES AND ALL THE ACTIVITIES WHICH MAKES TRADE POSSIBLE. - IT IS A LINK BETWEEN PRODUCER AND CONSUMER WHY COMMERCE..?? -To ensure free- flow of goods and services. - To remove hindrances which comes in the process of exchange. WHAT ARE HINDRANCES..?? The hindrances may be in respect of persons, place, time, risk, finance, information. - The hindrance of persons is removed by trade, thereby making goods available to consumers from the producer.   - Transport removes the hindrance of place by moving goods from the place of production to the marketplace for sale. - Storage and warehousing activities remove the hindrance of time by facilitati...

 INDUSTRY - MEANING  AND CLASSIFICATION OF INDUSTRIES https://youtu.be/3rm0D8k6c1M Business activities are concerned with primarily two activities, i.e. production of goods & services and sale of goods and services. So, the activities which are concerned with production of goods and services are termed as Industry. Meaning Of Industry - Economic activities which are concerned with the conversion of resources, raw materials into useful or finished goods. It requires, Mechanical appliances and technical skills for the production of goods and services. It  involves processing or producing of goods, as well as breeding and raising of animals. There are other living organisms which plays a very important role in the development of economy, so their production, maintenance and breeding is also important which is performed under Industry. The term industry is also used to mean group of firms producing similar or related goods. Examples - Goods TEXTILE INDUSTRY – GROUP O...

DIFFERENCE BETWEEN BUSINESS PROFESSION AND EMPLOYMENT  https://youtu.be/yU1NzfomfnA 1.MODE OF ESTABLISHMENT BUSINESS – Decision of opening up a business and some legal formalities, if required. For e.g. Small clothing store or Clothing manufacturing Industry. PROFESSION – Membership of a professional body and certificate of practice. For e.g. Doctor, Chartered Accountant. EMPLOYMENT – Appointment letter and service agreement. For e.g. – Cashier in SBI Bank, Marketing Manager in ITC Ltd. 2.NATURE OF WORK – BUSINESS – Provision of goods and services to people according to their needs. For e.g. Selling daily use goods to consumers. PROFESSION – Rendering of personalized, expert services. For E.g. Auditing company accounts. EMPLOYMENT – Performing work as per service contract or rules of service. For e.g – Working as a human resource executive in XYZ company and dealing with recruitment, remuneration and handling orientation and training programs for employees. 3.QUALIFICATION BUS...

CONCEPT OF BUSINESS  https://youtu.be/yU1NzfomfnA In every society, people undertake various activities to satisfy their needs. These activities may be broadly classified into two- ECONOMIC ACTIVITY NON- ECONOMIC ACTIVITY ECONOMIC ACTIVITIES - Economic activities are those activities by which we can earn our livelihood. These activities may be further divided into three categories-Business, Profession and Employment. NON-ECONOMIC ACTIVITIES - Those activities which are performed out of love, care, passion, sympathy, affection, patriotism, sentiments, e.tc.  For an example - A man cooking food for his family on weekend is a non- economic activity but if he cooks and sells food in a restaurant to earn money will be known as an economic activity.  A woman teaching the kids of a slum because she wants to do something good for society will be termed as a non-economic activity. But if that woman teaches in a school to earn her livelihood, then it will be termed as an economic a...

 HISTORY OF TRADE & COMMERCE Watch the full explanation here: https://youtu.be/5QHkvTES2iQ NOTES How Trade & Commerce Started : 1. People consumed what they produce, there was no surplus to be exchanged. 2. With the increase in population, and advanced civilization, Barter economy started which means exchange of goods & services with goods & services as it was not possible to produce everything for personal consumption. 3. It was not possible to calculate the value of products, so coins and paper notes to remove the defects of barter economy with the expansion of trade. 4. Gradually, there was increase in production and sale of goods and services, various market places were set up for trading, transportation was improved, hence, trade and commerce evolve. How Trading activities were conducted in India : India is surrounded by Himalayas in North and with Sea and ocean in South. There were mainly two routes : 1. Silk Route 2. Maritime Route Silk Route : It was connec...