Current debates in business studies

The evolution of business throughout the history could be understood by the evolution of its two main
component; industry and commerce. Business in an activity is concerned with the production,
exchange and distribution of goods and services. Production of good and services in an economy is
called as industry while commerce is the distribution of these goods and services and all activities related to it.
Dynamics’ of industry constantly evolved from the first industrial revolution at 16th century to modern
industry with the advancement of technology and invention of new machines. First industrial revolution
refers to process of transition from hand production to machine based production with invention of machines
such as; steam engine and wave machine. It enabled large scale production and as a result, replaced industry
as the main economic component of society instead of agriculture.