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Nature and Scope of Business: Business Objectives and Industrial Classification, Classification of Business Activities
Business Objectives
Classification of Business Activities
Most business activities are concerned with production and/or processing of goods and services or distribution of goods and services. Former is known as ‘Industry’ and later as ‘Commerce’ . Some can classify business as Industry and Commerce.
Types of business activities
- Extraction of oil, natural gas or minerals
- Manufacturing of commodities
- Buying of goods from one place/country and selling it at different place/country
- Construction of buildings, roads, and bridges etc.
- Providing services like ticketing, warehousing, transportation, banking, insurance etc.
Industry
Before classifying industry on basis of nature of activity, let us have a broad idea of different approaches of its classification.
- Nature of activity: Primary industries, Secondary industries, Tertiary industries
- Nature of goods produced: Consumer goods industries, Producers՚ goods or capital goods industries
- Level of investment: Heavy industries, Light industries
- Size of activity: Small scale industries, Large Scale industries