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Classification of Business Activities

Various business activities may be classified into two broad categories — industry and commerce. Industry is Concerned with the production or processing of goods and materials. Commerce includes all those activities groups of firms producing similar or related goods. For example, cotton textile industry refers to all manufacturing units producing textile goods from cotton. Similarly, electronic industry would include all firms producing electronic goods, and so on. Further, in common, certain services like banking and insurance are also referred to as industry, say banking industry, insurance industry etc.

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