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Classification of businesses - Key takeaways
Business classification involves grouping businesses into different sectors based on similar business activities.

Businesses are classified broadly into industry and commerce.

The industry business classification is further divided into primary sector, secondary sector, and tertiary sector.

The primary sector is involved in the extraction and exchange of natural resources to make profits.

The secondary sector is involved in the processing and conversion of raw materials into consumer-ready products.

The tertiary sector promotes the activities of the primary and secondary sectors by providing facilities for the easy flow of goods from each sector.

The commerce business classification is further divided into trade and aids of trade.

Each sector or group is dependent on the other.

Businesses need land, labour, capital and enterprise to operate

Classification of Businesses |Fahad Ali
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Fahad Ali