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Nature and Scope of Business: Business Objectives and Industrial Classification, Classification of Business Activities

Business Objectives

Illustration: 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
Illustration: Industry