Components of Business

Components of Business:

Industry

Types of business:

• Extract Industries: finishing, mining, fruit gathering etc.
• Manufacturing Industries: spinning, weaving meals, flour mills etc.
• Construction Industries
• Service Enterprise.

Commerce

The process of buying and selling and all those activities which facilitate trade such as storing, grading, packaging, financing etc. The principal function of commerce is to remove the hindrance of person, place, time exchange and knowledge. By removing these hindrances commerce ensures a free and smooth flow of goods from producers to consumers.

• Hindrances of person
• Hindrances of exchange
• Hindrances of place
• Hindrances of time
• Hindrances of information/knowledge.