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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market4 Marks
Question
Define:
  1. Wholesale,
  2. Retail,
  3. Foreign trade,
  4. Transportation.
✓

Answer

  1. Wholesale: Wholesale is the bulk buying from producers to be resold to retailers in small quantities.
  2. Retail: Retail is selling directly to the ultimate consumers for personal or non-business use in said (single/ small) quantities.
  3. Foreign trade: Foreign trade or International trade or External trade is the buying and selling of goods between two or more nations.
  4. Transportation: Transportation is the physical movement of goods or passengers from one place to another.

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