ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -(d) Business involves buying and selling of goods and services.

Detailed explanation-2: -Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients. Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services.

Detailed explanation-3: -Commerce is defined as the exchange of goods and services between two or more entities. It typically involves buying and selling things of value. Commerce can take place between businesses, between consumers, or between businesses and consumers.

Detailed explanation-4: -Trade is the art of buying and selling goods and services. It helps people to make money. It can be done within a country as well as with other countries of the world.

Detailed explanation-5: -A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies to sole proprietorships, corporations, and partnerships.