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Commerce - Trade, Markets and Business (Form I & II)
Muhtasari / Summary: Trade types, wholesale/retail, markets, and basic entrepreneurship.
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Trade is the buying and selling of goods and services. Home trade: Wholesale (manufacturer → retailer in bulk) and Retail (retailer → consumer). Foreign trade: Import (buying from abroad), Export (selling abroad). A market is where buyers and sellers exchange goods. Functions of a market: sets prices, allocates resources, creates competition. Entrepreneurship: identifying needs and organising resources to meet them profitably. Profit = Revenue – Total Costs. Break-even: Revenue = Total Costs.