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Explain in detail the classification of ...

Explain in detail the classification of Business Activities on the basis of their function.

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the classification of business activities on the basis of their function:
1) Industry: Industry refers to those economic activities wherein Raw materials are processed and converted into final products. During the process, value addition to the raw materials takes place. The final products have a higher value compared to the raw materials.
2) Commerce: It involves the trade or exchange of goods and services. Unlike industry, commerce does not involve production.
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