Business, Trade, Commerce, and Organisation Study Flashcards

A complete set of vocabulary flashcards covering terms, industry types, organizational forms, and intellectual property rights from the lecture notes.

Business

An economic activity concerned with the production or purchase and sale of goods and services with the objective of earning profit and satisfying human needs.

Economic Activities

Activities done to earn income or livelihood, such as a shopkeeper selling goods, a teacher teaching in school, or a doctor running a clinic.

Non-Economic Activities

Activities performed out of love, affection, sympathy or religious feelings, such as donating blood or cooking food for family.

Profession

An occupation involving the provision of specialised services for which a professional fee is received.

Employment

An occupation where an individual works for an employer in exchange for salary or wages.

Extractive Industry

An industry that obtains products from nature, such as mining and fishing.

Genetic Industry

An industry concerned with breeding plants and animals, such as dairy farming and poultry.

Manufacturing Industry

An industry that converts raw material into finished goods, such as textile or sugar production.

Construction Industry

An industry involved in building roads, bridges, dams, and buildings.

Commerce

Includes all activities which remove hindrances in the exchange of goods and services.

Internal Trade

Trade conducted within the country, including wholesale and retail.

External Trade

Trade between different countries, including import, export, and entrepot.

Auxiliaries to Trade

Activities facilitating trade, including transport, warehousing, banking, insurance, advertising, and communication.

Business Risk

The possibility of inadequate profits or losses due to uncertainties.

Sole Proprietorship

A business owned, managed, and controlled by one person who is the sole risk bearer.

Joint Hindu Family Business

A business owned by members of a Hindu Undivided Family and controlled by the Karta.

Karta

The member who controls the Joint Hindu Family Business and possesses unlimited liability.

Partnership

A business carried on by two or more persons to earn profit according to a partnership deed.

Cooperative Society

A voluntary association formed to protect members' economic interests, characterized by democratic control and a service motive.

Company

An artificial person created by law having a separate legal existence, perpetual succession, and a common seal.

Private Company

A company with a minimum of $2$ members and a maximum of $200$ members that restricts the transfer of shares and cannot invite the public.

Public Company

A company with a minimum of $7$ members and no maximum limit, which allows free transfer of shares and can invite the public.

MSME

Enterprises engaged in manufacturing or service activities on a small scale.

Entrepreneurship

The process of identifying opportunities, organising resources, and taking risks to establish and run a business.

Patent

An intellectual property right that protects inventions.

Trademark

An intellectual property right that protects brand names and logos.

Copyright

An intellectual property right that protects literary, artistic, and musical works.