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Class 11 BST Expanded Keywords

This document provides definitions for key concepts related to business, trade, and commerce, including terms like business, trade, commerce, industry, and profession. It also covers employment, auxiliaries to trade, business risk, profit, and the role of merchants. These definitions are essential for understanding the foundational elements of the business environment.

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2 views1 page

Class 11 BST Expanded Keywords

This document provides definitions for key concepts related to business, trade, and commerce, including terms like business, trade, commerce, industry, and profession. It also covers employment, auxiliaries to trade, business risk, profit, and the role of merchants. These definitions are essential for understanding the foundational elements of the business environment.

Uploaded by

mayankmannu113
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Class 11 BST - Expanded Keywords with Definitions

Chapter 1: Business, Trade & Commerce


1. Business: Regular economic activity involving production or exchange of goods/services for profit.
2. Trade: Buying and selling of goods/services between individuals or nations.
3. Commerce: All activities that help trade like transport, banking, insurance, etc.
4. Industry: Economic activity involving the production of goods using resources.
5. Profession: Occupation requiring specialized education and training, e.g., doctors, lawyers.
6. Employment: Work done for others in exchange for salary or wages.
7. Auxiliaries to Trade: Services that support trade, such as warehousing, insurance, etc.
8. Business Risk: The possibility of losses due to unforeseen events in business operations.
9. Profit: Financial surplus when revenue is more than expenses.
10. Merchant: A trader who buys and sells goods in large quantities for profit.

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