1. What are the different parameters used to measure the size of the business?
Some of the important parameters that is used to measure the size of business are:
1. Capital invested in the business
2. Number of units produced by business
3. Total number of persons employed by business
4. Value of output of the goods produced
5. Power consumed by the business
2. State the features of cottage industries.
Cottage industries are characterised by the following features:
1. These industries are owned by individuals who have invested their resources into these units.
2. Such type of industries do not hire many labours, it is mostly operated by family members.
3. Skills required for maintaining a cottage industry is available within particular families.
4. The amount of capital invested is very less.
5. Production techniques are indigenous which requires labour-intensive work.
6. The production is primarily for consumption by self and family, while some portion of it is sold in the market to earn some money.