Primary Industry and Secondary Industry
Business, Commerce

Primary Industry and Secondary Industry

Industry is that part of business which connected with the production of goods and services. It is a place where the raw material is converted into finished or semi-finished goods which have the ability to satisfy human needs or can be used in another industry as basic material. Owner of the industry who is engaged in the work of production…

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Difference Between Wholesale Trade and Retail Trade?
Business, Commerce, Differences

Difference Between Wholesale Trade and Retail Trade?

Wholesale Trade: Wholesale trade means buying and selling of goods in large quantities. Wholesale buy goods from producers or distributors in order to sell them in small quantities to the shopkeepers (retailers). Wholesaler has specialized dealings in particular items. He purchases in bulk from producer or industrialists and sell them in small quantity to retailers. Retail Trade: Retailing means selling…

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Trade and Types of Trade
Business, Commerce

Trade and Types of Trade

Introduction: The literary meaning of trade is exchanging of goods. It may be defined as the exchange of commodities between individual or groups either through barter system or through any medium such as money. It includes all the selling and buying activities either within a country or across the boundaries of the country. In actual practice, trade is the whole…

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Business and Characteristics of Business
Business, Commerce

Business and Characteristics of Business

Introduction Business is an economic activity as it is concerned with the creation, attainment and consumption of wealth. The literal meaning of the term business is to be busy. It is a wider term. It includes all fair or legal economic activities, which are related to production or sale and purchase of goods and services. Business may have different size…

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Essential Elements of Good Business
Business, Commerce

Essential Elements of Good Business

Expert Management Large Capital or Finance Innovation Planning Use of Technology and Modern Machinery Increase in Sale Organizational Structure Reasonable Profit Quality Product Ideal Location Trained Staff Regular Demand 1. Expert management: Good management solves many problems or issues of the business. Therefore, good management is necessary to operate the business efficiently and effectively. 2. Large Capital: Large Capital or…

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Qualities of a Successful Businessman
Business, Commerce

Qualities of a Successful Businessman

Every person who is connected with any legal activity for the purpose of making profit. The person may be a consultant, distributor of goods, the owner of a factor is called a businessman. The success or failure of a business mostly depends on the person who runs it. So, a businessman must have the following qualities: Personal Qualities Foresight Courteous…

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Basic Steps for Starting a New Business
Business, Commerce

Basic Steps for Starting a New Business

While planning and constructing an idea for starting a new business, the following factors should be kept in mind. The successful running business entirely depends upon them. Steps for Starting a New Business For Doing Business 1. Decided the Nature of Business 2. Check Government Restriction 3. Size of Business 4. Suitable Organizational Structure 5. Selection of Place 6. Government…

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Human Activities and Its Kinds
Business, Commerce

Human Activities and Its Kinds

Human Activities The functioning of human life is divided into parts. The first part consists of uncommanded functions (e.g.) the working of heart and stomach etc. The second part of functioning is dependent to the desire of man (e.g.) speaking, walking, and thinking etc. The main use his brain to perform these functions fruitfully not only for himself but also…

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Provident Fund and Its Types
Business, Commerce, Tax

Provident Fund and Its Types

Introduction Provident funds are maintained by many organizations (government and private) for the benefit of their employees. Under this scheme, a certain percentage of an employee’s salary is deducted every month. An Employer also contributes an equal amount. Contribution of both (employer and employee) is invested in a fund known as Provident Fund. The amount is invested in securities and…

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