Question

1. What do you mean by business? Explain its fundamental elements in detail.
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Answer 1

Answer:

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Answer 2

Meaning of business and it's fundamental elements

Explanation:

Business may be termed as any activity which is performed with the objective of earning profit. it involves transfer of goods and services from producer to the consumer. it may include production, buying and selling of goods to satisfy consumers need so that profit can be earned.

Fundamental Elements of business;

• business planning is the most important element of business as it helps in deciding about various things such as good to be dealt in, sources of fund, production and acquisition decision etc.
• financial management so that proper sources and usage of fund can be determined.
• marketing which ensures customer reach and proper selling and distribution of the commodity.
• customer service to ensure customer satisfaction.

Learn more:

Meaning of business

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