Principles Of Commerce Guess Paper Solved

 Principles Of  Commerce 

Solved Guess paper 2021

Q) Define commerce/ business , Trade , Profession and industry .

                                                            Commerce/Business

Definitions:

According to STRAUB and ATTNER

       “A business is an organization engaged in producing goods and services to make a profit”

    According to THOMAS EVELYN

      “A business embraces all those functions involved in making, buying and transportation of goods” 

Trade

Definition:

Trade refers to the exchange of goods only. It involves buying and selling.

Classification:

Trade is a branch of commerce.

Scope:

                           It is a narrower term, as it is a branch of the commerce.

Industry

Definition:

Industry involves the production of goods and materials.

Classification:

A)   By size              B) By production process

A) BY SIZE

1. Heavy industries:

These industries produce heavy industrial goods and machineries like, steel and shipping industries.

2. Light industries:

These industries produce light goods for consumer such as Electronic, glass ware, Paper, etc.

 

B) BY production Process

1. Extractive Industries: In which goods are extracted or raised from the soil, air or water.

2. Genetic Industries: These industries involve reproducing or multiplying certain species of plant

and animals as in the case of agriculture, cattle breeding etc.

 

3. Manufacturing Industries: These industries transformed raw materials into finished goods.

4. Construction Industries: Those industries which are related with construction of buildings, roads etc.

5. Analytical industries: under this industry a product is broken down into its parts. By the anatomy of oil we produce diesel, different qualities of petrol

6. Synthetic industry: under this industry two different products are combined to make a new product.  

Profession

Definition:

Chambers Dictionary defines professions as follows:

1.    An employment not mechanical and requiring some degree of learning.

2.    A calling, habitual employment.

3.    The collective body of persons engaged in any profession.

Q) Explain auxiliaries of trade?

Trade

Auxiliaries

Activities which are meant for assisting trade are known as auxiliaries to trade these activities are as under.

·         Transport

·         Communication

·         Warehousing

·         Insurance

·         Banking

·         Advertising

·         Salesmanship

·         Mercantile agents

·         Trade promotion organizations

  

Q. Explain the scope of commerce.

Commerce

It is a vast and complex organism and embraces all the functions involved in the buying and selling of goods. It is rightly said that commerce is the life blood of a nation. A nation’s economic prosperity is entirely dependent upon the development in the field of commerce. From the production process till the consumption commerce plays it part thus it can be fairly said that commerce is the sum of total of all the activities beginning from the place of production and ending at the retailer’s shop from where the consumer purchases his goods.

 

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