Transcription of Foundations of Business
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Foundations of Business
Part IFoundations of BusinessChapter 1 .indd 113-01-2021 09:40:022022-23 ChaPter 1 Business , Trade and CommerCeLEARNING OBJECTIVESA fter studying this chapter, the learner:i. Appreciates the contribution of Business activities in the growth and development of an economy;ii. Discusses the concept and objectives of Business ;iii. Categorises Business activities into occupation, profession, and employmentiv. Classifies industry in different types;v. Explains Risk and Profit as a reward of Risk; andvi. Enumerates factors for starting a 1 .indd 213-01-2021 09:40:022022-233 Business , TRADE AND inTroduCTionAll human beings, wherever they may be, require different types of goods and services to satisfy their needs. If we look around, we observe people require different types of products and services to satisfy their needs.
country, India, had a golden past and the trading activities had a significant contribution to its prosperity and gains. The archaeological evidences have shown that trading activities were the mainstay of the economy in ancient times which were carried out by both water and land routes. Silk route and maritime trade were quite prominent
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