What went wrong when the king rode under the arch?

It was too low and knocked off his crown

How does the chain of blame unfold in the poem?

Each accused person blames another, ending with the king's own changes

State two services of wholesalers to manufacturers.

Facilitating large-scale production and bearing risk (also providing finance, expert advice, marketing help and storage).

How does warehousing by wholesalers help?

It creates time utility by storing goods so that they are available to retailers and consumers as and when required.

Who are itinerant retailers?

Retailers who have no fixed place of business and move about with their goods, such as peddlers, hawkers, market traders and cheap jacks.

Specify the characteristics of fixed shop retailers.

They have a permanent establishment, greater resources and credibility, and offer services such as home delivery, guarantees, repairs and credit.

Distinguish between a departmental store and a multiple shop.

A departmental store sells a wide variety of products from a single central location, while multiple or chain shops sell a limited line of standardised goods from many branches.

What are services offered by retailers to consumers?

Regular availability of products, information about new products, convenience in buying, wide selection, after-sales service and credit facilities.

GST is the Goods and Services Tax, a destination-based single consumption tax implemented on 1 July 2017 that replaced many indirect taxes under One Nation One Tax.

Internal Trade

Q: What are the two main types of internal trade?

Wholesale trade and retail trade.

Q: What is a departmental store?

A large retail establishment offering a wide variety of products under one roof through well-organised departments — all under one roof.

Class 11 Business Studies · Business Studies · Chapter 10

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CBSE Class 11 · Business Studies

Every merit and limitation of 11 chapters

Marks booster + cheatsheet: key concepts in 2 lines each, common traps
20 marks: finance and MSME units
20 marks: internal and international trade
Five comparison tables, insurance to retail
Case cues for each chapter
Common traps, corrected

Page 1 free about 8 min read, Full kit about 55 min read

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CBSE Class 11 · Business Studies

Every merit and limitation of 11 chapters

Marks booster + cheatsheet: key concepts in 2 lines each, common traps
20 marks: finance and MSME units
20 marks: internal and international trade
Five comparison tables, insurance to retail
Case cues for each chapter
Common traps, corrected

Page 1 free about 8 min read, Full kit about 55 min read

₹159See the full kit

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Summary

Internal trade is the buying and selling of goods and services within the boundaries of a country, free of custom or import duty, and consists of wholesale trade and retail trade. Wholesale trade is the purchase and sale of goods in large quantities for resale or intermediate use; wholesalers serve manufacturers by facilitating large-scale production, bearing risk, providing finance and expert advice, helping in marketing, ensuring continuity of production and storage, and serve retailers by making goods available, providing marketing support, granting credit, sharing specialised knowledge and sharing risk. Retail trade is the sale of goods in small quantities to ultimate consumers; retailers help manufacturers and wholesalers in distribution, personal selling, large-scale operations, collecting information and promotion, and help consumers by ensuring regular availability, giving product information, convenience, wide selection, after-sales service and credit. Retailers are of two broad types: itinerant retailers without a fixed place of business (peddlers and hawkers, market traders, street traders and cheap jacks) and fixed-shop retailers, which range from small shopkeepers (general stores, speciality shops, street stalls, second-hand goods shops, single-line stores) to large stores (departmental stores, chain or multiple shops, mail order houses, consumer cooperative stores, super markets and vending machines). The Goods and Services Tax (GST), implemented on 1 July 2017 under the slogan One Nation One Tax, is a destination-based consumption tax that replaced many indirect taxes. Chambers of commerce and industry associations such as ASSOCHAM, CII and FICCI promote internal trade.

Meaning of internal tradeWholesale trade and services of wholesalersRetail trade and services of retailersItinerant retailersFixed-shop small retailersLarge stores — departmental stores and chain storesMail order houses, cooperatives and super marketsGST and role of commerce associations

Key terms

Internal trade

The buying and selling of goods and services within the geographical boundaries of a country, free of custom or import duty.

Wholesale trade

The purchase and sale of goods and services in large quantities for the purpose of resale or intermediate use.

Retail trade

The purchase and sale of goods in relatively small quantities, generally to ultimate consumers for personal use.

Itinerant retailer

A retailer who has no fixed place of business and moves about with goods, such as a hawker, peddler or cheap jack.

Departmental store

A large retail establishment that offers a wide variety of products under one roof through well-defined departments.

GST

The Goods and Services Tax, a destination-based single consumption tax implemented on 1 July 2017 under the slogan One Nation One Tax.

Extra questions & answers

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Internal trade is the buying and selling of goods:

Flashcards & interactive practice