• There was a self-sufficient economic system in the past.
• The method of direct production had been practiced in the selfsufficient economic system.
• Personal specialization developed through direct production.
• The result of personal specialization is surplus of production.
• The result of surplus is the barter system.
• Trade emerged with the barter system.
• Producing to the market is indirect production.
• Mass production is the result of the industrial revolution.
• Trade expanded due to mass production.
• Auxiliary services (Business support services) help the growth of trade.
  • Banking
  • Transport
  • Insurance
  • Warehousing / Storing
  • Communication

Business-Commerce-Trade

• Commerce is the combination of trade and business support services.
• Businesses are the combination of commerce and industries.

New trends in Business

• Globalization
• Electronic business
• Electronic money
• Environmental concern
• Concern for social responsibility of business