Business, Trade and Commerce - Vocabulary Flashcards

A set of vocabulary flashcards covering the core concepts of Business, Trade, and Commerce, including types of industries, economic activities, government initiatives, and business risks.

Hundi

A safe way to send money across distances used in historical Indian trade, functioning as a promissory note for value received in cash.

Chitties

A traditional savings system where members contribute a fixed amount, such as $₹1,000$ every month, and one member gets the total amount to grow their business.

Business

An economic activity involving the production and sale of goods and services undertaken with the motive of earning profit by satisfying human needs in society.

Economic Activity

Activities performed by people with the objective of earning income or a livelihood.

Non-economic Activity

Activities performed out of love, affection, sympathy, duty, or social responsibility rather than for financial gain.

Profession

An economic activity that requires special knowledge, skill, and training, performed with the aim of earning a professional fee.

Employment

An economic activity in which a person works for others as per a service contract or agreement in exchange for salary or wages.

Business Risk

The possibility of earning lower profits or suffering losses due to uncertain and unexpected events.

Uncertainty of Return

A characteristic of business where the amount of profit or loss cannot be predicted with certainty.

Industry

Economic activities concerned with the conversion of resources into useful goods through production, processing, or manufacture.

Primary Industry

Industries involved in the extraction and use of natural resources directly from nature or the development of living organisms.

Extractive Industry

A type of primary industry that obtains products directly from natural sources, such as mining, fishing, farming, and lumbering.

Genetic Industry

A type of primary industry focused on breeding and raising plants and animals for reproduction, such as poultry farms or fish hatcheries.

Secondary Industry

Industries that process raw materials obtained from the primary sector to create finished or semi-finished goods.

Manufacturing Industry

Industries engaged in producing goods by processing raw materials to create form utility.

Analytical Industry

A manufacturing category that analyses and separates different elements from the same materials, such as an oil refinery.

Synthetical Industry

A manufacturing category that combines various ingredients into a new product, such as cement.

Processing Industry

A manufacturing category involving successive stages for manufacturing finished products, such as sugar or paper.

Assembling Industry

A manufacturing category that joins different component parts to make a new product, such as a car, television, or computer.

Construction Industry

Industries involved in building infrastructure like bridges, dams, roads, and buildings, requiring engineering and architectural skills.

Tertiary Industry

Also known as service industries, these provide support services like banking and transport to primary and secondary industries.

Commerce

The branch of business that includes trade and auxiliaries to trade, acting as a link between producers and consumers.

Trade

The exchange of goods and services between buyers and sellers, which can be internal (wholesale, retail) or external (import, export, entrepot).

Entrepot

A type of external trade where goods are imported for the purpose of exporting them to another country.

Auxiliaries to Trade

Services that assist and support trade activities, such as transport, banking, insurance, and warehousing.

Hindrance of Place

The geographical gap between production and consumption, which is removed by transportation.

Hindrance of Time

The storage gap between when goods are produced and when they are required, which is removed by warehousing.

Speculative Risk

A type of business risk involving the possibility of both profit and loss, often caused by market fluctuations.

Pure Risk

A type of business risk involving only the possibility of loss or no loss, such as fire, theft, or natural disasters.

Market Standing

The goodwill, reputation, and position of a business in the market compared to its competitors.

Innovation

The introduction of new ideas, methods, or products to improve business operations and adapt to customer needs.

Productivity

A measure of business efficiency calculated by how effectively resources are converted into goods and services.

Make in India

A government initiative with the objective of promoting manufacturing in India by encouraging companies to produce products locally.

Skill India

A government initiative aimed at developing employable skills among the youth for jobs and entrepreneurship.

Digital India

A government initiative to transform India into a digitally empowered society by increasing technology use and online services.

Plant Layout

The systematic arrangement of machines, equipment, and work areas within business premises to ensure smooth workflow and efficiency.