CBSE Revision Notes for Class 11 Entrepreneurship Chapter 5E – Know Thy Business – Free PDF Download

CBSE Revision Notes of Entrepreneurship Class 11 Chapter 5E have been carefully formulated by subject experts who are adept with years of experience and learning. Students can easily access the latest Class 11 Entrepreneurship Chapter 5E Notes from CoolGyan.Org and strengthen their understanding of Entrepreneurship Class 11 Chapter 5E Know Thy Business.

CBSE Class 11 Entrepreneurship Revision Notes for Know Thy Business of Chapter 5E

Facts That Matter
1. Business is an economic activity which involves production or processing and sale or exchange of goods and services at regular basis with an aim of earning profit.
2. Industry refers to all economic activities involved in converting raw materials into finished products which are ultimately consumed by consumers.
3. Types of industry are Primary industry, Secondary industry and Tertiary industry.
4. Producer’s Goods: The goods produced by one enterprise and used by other enterprises as raw material for further production.
5. Consumer Goods: The goods used by final consumers for deriving personal satisfaction.
6. Secondary industries are the industries which are concerned with the changing forms or transformation of the materials provided by primary industries.
7. Commerce refers to all those activities which facilitates exchange of goods/services or relates to the transfer of goods from place of production to ultimate consumers.
8. Components of commerce are trade and auxiliaries.
9. Trade can be home or foreign trade.
10. Auxiliaries to trade are Transportation, Banking, Insurance, Warehousing, Advertisement and Salesmanship.