Question
Define the following terms as used in Business Studies.
(i) Extraction
(ii) Processing
(iii)Manufacturing
(iv) Trade
(i) Extraction
(ii) Processing
(iii)Manufacturing
(iv) Trade
Answer
(i) Extraction- obtaining of goods from their natural setting
(ii) Processing-changing the form of a good without combining it with other goods
(iii)Manufacturing-combining different raw materials to come up with one final product
(iv) Trade-buying and selling of a good with a view of making profit
(ii) Processing-changing the form of a good without combining it with other goods
(iii)Manufacturing-combining different raw materials to come up with one final product
(iv) Trade-buying and selling of a good with a view of making profit
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