Business refers to the activities involved in producing, buying, and selling goods or services for profit.

Trade involves the exchange of goods and services between buyers and sellers.

Commerce refers to the whole system of an economy that facilitates the buying and selling of goods and services.

Business, trade, and commerce contribute to economic growth and development.

They generate employment opportunities and income for individuals and the country.

They meet the needs and wants of consumers by providing goods and services.

They promote competition, innovation, and technological advancements.

Industry involves the production of goods using various resources and manufacturing processes.

Commerce encompasses all activities related to the buying and selling of goods and services.

Business involves activities carried out with the intention of earning profits through the production or purchase and sale of goods or services.

Profession refers to activities that require specialized knowledge and skills, provided by individuals known as professionals.

Employment involves working for a salary or wages under the supervision of an employer.

Trade involves buying and selling goods or services with the motive of earning profits.

Profession requires specialized knowledge, skills, and expertise to provide services in exchange for fees or charges.

Profit maximization - businesses aim to earn maximum profits by reducing costs and increasing revenue.

Expansion and growth - businesses strive to expand their operations and grow in terms of size and market share.

Innovation and research - businesses focus on developing new products, services, and technologies to stay competitive.

Quality of life improvement - businesses aim to enhance the living standards of society through job creation, fair wages, and contributions to social welfare.

Social responsibility - businesses have an ethical responsibility to contribute to community development, environmental sustainability, and philanthropic activities.

Businesses identify and assess potential risks to anticipate their impact on operations, finances, and reputation.

Risks may include financial risks, strategic risks, operational risks, legal and regulatory risks, and environmental risks.

Businesses adopt strategies to minimize, mitigate, or transfer risks.

Strategies may include risk avoidance, risk reduction, risk retention, risk sharing, and risk transfer through insurance.

Owned and controlled by the government

Aim to provide essential goods and services to the public

Examples include government departments, public corporations, and public utilities.

Owned and controlled by private individuals or organizations

Operate with the objective of earning profits

Examples include sole proprietorship, partnership, and companies.

Owned and managed by a single individual

The proprietor has unlimited liability for debts and losses.

Easy to start and operate, but limited resources and expertise.

Owned and managed by two or more persons

Partners share profits, losses, and liabilities as per the partnership agreement.

Combines different skills, resources, and expertise, but potential for conflicts and unlimited liability.

Legal entities with separate identity from their owners

Shareholders have limited liability, and ownership is represented through shares.

Provides access to financial resources, but complex legal requirements and higher costs.

Involves buying and selling goods and services through electronic channels such as the internet.

Provides convenience, global reach, and cost efficiency, but challenges related to security and trust.

Involves delegating specific business functions or processes to external service providers.

Allows businesses to focus on core activities, reduce costs, and access specialized expertise.

Grants the right to operate a business using an established brand, trademark, or business model.

Provides a ready-made business concept and support from the franchisor, but requires upfront fees and ongoing royalties.

Involves two or more entities forming a partnership to undertake a specific business project or venture.

Allows companies to pool resources, share risks, and access new markets or technologies.

Joint ventures can be domestic or international.