Business Studies 1 Marks Question

The two categories of trade are:

1. Internal trade.
2. External trade.

Food chains of Mcdonald, showrooms of DCM.

Pre-packed brands of low priced products, hot beverages, milk, chocolates, newspaper, platform ticket.

Akberally in Mumbai and Spencers in Chennai.

Hawkers and Peddlers.

Automatic vending machines are coin operated vending machines which work like an ATM. It is useful in selling hot beverages, milk, chocolates, newspaper, platform ticket etc.

Trade refers to buying and selling of goods and services with the objective of earning profit.

Itinerant traders are retailers who do not have a fixed place of operation. That is, they do not have a shop from where they sell their products. They are also known as mobile traders as they keep moving from place to place in order to sell their products.

1. They provide regular availability of goods.
2. They provide information on new products.

Telebrands.

Mail Order BusinessMail Order Business.

Goods & Services Tax in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country.

Automatic Vending Machines.

Internal trade refers to the buying and selling of goods and services within the domestic territory of a country. In other words, the process of exchanging goods and services within the national boundaries of a country is called internal trade.

Chain Stores.

The Federation of Indian Chambers of Commerce and Industry.

Wholesale trade.

The two services of wholesalers to manufacturers are:

1. Storage or warehousing.
2. Financing.

Wholesale trade refers to buying and selling of goods and services in large quantities.

Wholesalers collect small orders from a number of retailers and pass on the pool of such orders to the manufacturers and make purchases in bulk quantities. This enables the producers to undertake production on a large scale and take advantage of the economies of scale.

Forceful and regular advertisement.

Lack of personal contact.

Spencers.

Itinerant retailers or traders.

As the wholesalers are in direct contact with the retailers, they provide information and advice the manufacturers about various aspects including customer’s tastes and preferences, market conditions, competitive activities and the features preferred by the buyers. This information helps manufacturers to cater to the changing needs of consumers.

Chain stores or multiple shops are networks of retails shops of a large merchandising organisation specialising in only one or few products.

The two types of internal trade are:

1. Wholesale trade.
2. Retail trade.

In big cities, rich or higher class customers exist that can afford goods of higher quality and prices.

Retail trade.

The two services of wholesalers to retailers are:

1. Risk taking.
2. Financing.

The major difference between a wholesaler and a retailer is that a wholesaler purchases goods from manufacturers and sells them to retailers, while retailer purchases goods from wholesalers and sells them to consumers.

A departmental store is a large-scale retail establishment which has number of departments, each of which specialises in one line of goods in the same building.

The two functions of wholesalers are:

1. Assembling and buying.
2. Storing.

The two functions of retailers are:

1. Providing wide range of products.
2. Supplying market information.