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Day: September 8, 2024

Scope of Business

Reading Time: 4 minutes The scope of business encompasses the full range of activities a company engages in, from production and distribution to marketing and finance, crucial for understanding how businesses operate and thrive.

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Importance of Industries

Reading Time: 4 minutes Industries drive economic growth by creating jobs, boosting production, and generating income, which enhances the overall standard of living. They also support technological advancement and infrastructure development.

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Kinds of Industries

Reading Time: 3 minutes Industries are classified into three types: Primary (extraction of raw materials), Secondary (manufacturing and processing), and Tertiary (services like retail, healthcare, and education).

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Industry and the characteristics of industries

Reading Time: 3 minutes ndustry refers to the production of goods or services within an economy, typically involving large-scale manufacturing or processing operations. It plays a key role in economic development by transforming raw materials into finished products.

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Business Vs Commerce

Reading Time: 3 minutes Business focuses on creating and selling products or services for profit, while commerce encompasses the entire process of exchanging goods and services, facilitating the smooth flow between buyers and sellers.

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