The document defines key economic concepts and types of business activities. It discusses the nature of business as an economic activity undertaken for profit that involves the sale of goods and services and assumes some risk. The document also outlines the scope of business, defining industry, commerce, and trade. It categorizes industries as primary, secondary, and tertiary and describes different types of industries like extractive, manufacturing, and construction.

1. NATURE OF BUSINESS "BUSINESS IS AN EXCITING GAME.PLAY IT RIGHT."

2. Economic activities Meaning: Economic activities refer to those human activities which are undertaken with the object of satisfying material or economic needs. Types: Business Profession Employment.

3. Business Meaning: Business refers to economic activities concerned with the protection and sale of goods and services for the purpose of earning profit.

4. Profession Meaning: Profession is an economic activity concerned with the rendering of technical, specialized and expert personal services to clients in return for a reward or payment called fees.

5. EMPLOYMENT Meaning: Employment means working for another person, under a contract of employment, for a reward or payment called salary or wages.

6. NATURE OF BUSINESS. Basic characteristics: Economic activity Sale, transfer or exchange for value Dealing in goods or services Recurrence of dealing or transaction Profit motive Element of risk Capital investment Entrepreneurship

7. SCOPE OF BUSINESS. Business Industry Commerce Primary Secondary Trade Aids Extractive Manufacturing Genetic Construction Home Foreign Wholesale Retail Import Export Enterport

8. industry Meaning: Industry refers to manufacturing activity concerned with the conversion of raw materials or semi finished goods into finished goods.

9. Types of industry: Primary industry: Industries which are concerned with the production of goods. Extractive industries: Activities which are concerned with the extraction or production of wealth from soil, water, air or beneath the surface of the earth. Genetic industries: Activities which are undertaken for reproducing or multiplying plants or animals with the object of earning profit from their sale.

10. Secondary industries: Industries where human labour plays a more important role than nature. Manufacturing industries: Activities concerned with the creation of form utility. Construction industries: Activities concerned with the creation of infrastructure for economic development.

11. commerce Meaning: Commerce is the sum total of all those processes which are engaged in the removal of hindrances of person, place and time in the exchange of commodities .

12. Trade: Trade refers to exchange of goods between producer and consumers. Home trade: buying and selling of goods with in the country . whole sale retail Foreign trade: trade between countries. import export entrepot