Revision Notes For Class 11 Business Studies Chapter 1 Business Trade And Commerce

Business, trade and commerce is a chapter that briefly explains the meaning of these terms. Topics to be revised are – Economic activities, types of economic activities, non -economic activities, concept of business, characteristics of business activities, sale or exchange of goods and services, profit earning, comparison of business, profession and employment, classification of business activities – Industry, primary industry, secondary industry, meaning of trade, types of trade – Internal trade and External trade, aids or auxiliaries to trade, objectives of business, business risk, nature of business risk, causes of business risk.

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Frequently asked Questions on CBSE Class 11 Business Studies Notes Chapter 1: Business Trade and Commerce

What is ‘Business studies’?

Business study combines elements of accountancy, finance, marketing, organizational studies, human resource management, and operations.

What does ‘Commerce’ mean?

Commerce is the conduct of trade among economic agents. Generally, commerce refers to the exchange of goods, services, or something of value, between businesses or entities.

What is ‘Business risk’?

Business risk is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail.

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