BUSINESS AND OBJECTIONS

The practice of business has been controversial over a long time. Around  2500 years back Plato did not favor business. His pupil, Aristotle, also disliked it dubbing it an amoral and asocial activity. His main objection was on profit making. He favored activation relating to art, culture and economics. About 200 years ago, Napoleon Bonaparte disliked English people as a nation of shopkeepers. It should be born in mind that the French have always been acknowledged as the lovers of art, culture, lifestyle, customers of good taste. Even Adam Smith, the founder of modern economics disliked businessmen. He would say they were rival to one another and would not like to sit together. But when happened under certain pressing needs to do so they would disperse having hatched a conspiracy against consumers.
In the modern era, surprising in the U.S., there is a section of young men according to whom business is the favorite field for only those with little or limited talent. In other words, gifted and talented people go in for research, management, engineering and medical disciplines. In a survey in the country, only twelve percent young men preferred business. A big majority disliked it on the plea that the businessmen exploit customers, enslave employees, stress managers to bring profits at any cost and are always in the mad run for wealth.
Despite all these business has its universal importance.

INDUSTRY

Industry has been defined as follows:
i. It is any systematic economic activity.
ii. Industry is any branch of manufacture and trade.
iii. An industry is a commercial undertaking that provides services as catering, hotel, tourist, entertainment etc.
Industry has also been defined as all those business and economic activities which result in the creation of goods and services.

Industry can be described in two ways:
1. By Manufacturing:
Through industrial activity raw material are converted into a new shape which is different  from its previous characteristics and becomes more useful. For example, cotton is converted in to yarn, and yarn converted into cash.

2. By Group:
Industry may refer to any branch of productive, manufacturing enterprises collectively. Textile is the group of several textile mills.

Kinds Of Industries:
Industry may be classified as follows:
I. By Size: 
    Industries may be heavy or light.
i. Heavy Industries
They are ones which are basic and produce heavy goods and machinery which in return develop light industries. Example are steel, shipping and coal mining industries. In short, Heavy industries produce industrial goods.

ii. Light Industries
        These industries produce light goods which are mostly consumer goods. Electronic, glassware, paper etc. are light industries.

II.By Production Process:
                            By production process the industry may be divided as follows:
1. Extracting Industry.
2. Analytical Industry
3. Synthetic Industry
4. Fabricating Industry

1. Extracting Industry
It refers to mining by which coal, gold, diamonds are extracted from under the ground. The industry includes drilling process through which oil and petroleum products are extracted. Taking things out of the sea is also a part of extracting industry. Fishing, mining, quarrying, forestry, farming all fall under the extracting industry.

2. Analytical Industry
Under this process a product is broken down into its parts. By the anatomy of oil we produce diesel, different qualities of petrol, kerosene etc. Distilling, oil refining, meat packing and lumber milling come under this industry.

3. Synthetic Industry 
Here two or more elements or parts are combined to produce a new product. Examples are iron, glass, yarn, crockery, glass fiber are the result of synthetic processes. Assembling plant is a type of this industry.

4. Fabricating Industry 
It is the industry when cutting, weaving, treating, pressing, finishing or dyeing process is also referred to as a manufacturing industry.

WHAT IS FINANCE?

Finance refers to money resources, income, capital, loans, and retained earning. It also refers to managing fund, capital, money, revenue and cash. In broader terms it includes economics, accounting, banking, commerce, investment and business because they are all concerned with money.

Finance is the life blood of any business organization. Financial needs can be from capital(owners equity), loans, and retained earnings. which are accumulated profits over the previous years. The success of financial aspects of business depends on the following.
a. Best possible proportion of capital, loans and retained earnings invested in the business.
b. Proper utilization of financial resources.
c. Effect financial management.

Difference Between COMMERCE And BUSINESS

            Business and Commerce though two different words, have identical meaning and concept and can be used alternatively. Americans prefer to use the term 'Business', while Britishers like to employee the word 'Commerce', but in the same meaning.
There are some other Business terms also differently used by both the nations in the same context.
Britishers                                   Americans
                                      Debenture Bond
Company Corporation
Limited Incorporated
Shareholder Stockholder

Is Business different from Commerce?
Are really Business and Commerce different activities? No, as already mentioned. They are one and the same in meaning and concept. In fact, the misunderstanding derives from some Commerce books, which try to differentiate between the two terms. Pakistani authors follow the suit but in vain. Trying to create a distinction between the two words only creates confusion and does not serve the cause of students, teachers, businessmen and others.

            In fact, trying to make a difference between the words Business and Commerce, some authors define Commerce in the sense of or as a marketing activity, which starts after manufacturing.
For example, some authors define Commerce as follows:
"Commerce is concerned with the exchange of goods. It includes all those activities which are related to the transfer of goods from the place of production to the ultimate consumers."

               It is clear from the above definition that it can only be applied to the definition of marketing.
In short, Business or Commerce is the sum of the following activities:
1. Manufacturing activities
2. Marketing (exchange, distributions, finance etc.)
Hence, 'Business and Commerce are used in the same sense in most parts of the World and being understand same all  as is the fact.'