Introduction to Business and Economic Activities

Vocabulary terms and definitions related to the fundamental concepts of business and economic activities.

Economic activities

Activities undertaken to earn money or a livelihood that involve the production, distribution, and consumption of goods and services at all levels within a society.

Business

Organised efforts by an individual or group to systematically produce goods and services and sell them in the market with a view to earn the reward in the form of profit.

Production

The process of manufacturing or making goods using manpower, machines, or both, which can result in agricultural products or finished goods produced in factories.

Agricultural production

A form of production exemplified by cultivating a piece of land and growing food grains.

Manufacturing

The process of converting raw materials, such as oil seeds, into finished products, such as edible oil, using manpower and machines.

Distribution

The process of marketing goods and services which involves transport, warehousing, and advertising to facilitate the transfer of goods from the producer to the final consumer.