Components of business

1.industry

2.commerce

#.industry:industry refers to production of goods and manufacture.the activities of extraction,production,conversion,fabrication are described as industry.goods produced by industry may be “consumers goods” or “producers goods”.consumers goods are clothes,radio,foodstuffs etc.producers goods may be products needed for further production of finished goods.

There are different types of industry.some of them are:

1.genetic industry:genetic industry is related with reproducing,breeding and multiplying certain species of plants and animals with the object of earning profit. E.g poultry farm,animal breeding etc.

2.extractive industry:the insdustry which are related with the extraction of products from natural resources are extractive industry.mining,hunting,fishing are some example of extractive industry.

3.construction industry:this industry is concerned with the construction,erection,fabrication or building products.road,bridge,dams,canals are the invention of construction industry.

4.manufacturing industry:mainly the maximum industry are manufacturing industry.this industry is mainly concerned with the production of different types of goods by using raw materials or semi-finished goods.then finally it supplies finished products to the consumers creating form utility.