Question

A business firm is basically organisation

Answer 1

Answer:

firm is a for-profit business organization—such as a corporation, limited liability company (LLC), or partnership—that provides professional services. Most firms have just one location.

Answer 2

Answer:

A business firm is basically a profit-oriented organization.

Explanation:

• An organization is a group of individuals that has a common objective and connections to the outside world, such as an institution or association.
• There are mainly two categories of organizations:-

1. Profit oriented
2. Non-profit oriented

• A profit-oriented organization is one that operates primarily to produce profit, that is, to take in more money than it spends, as contrasted to a non-profit organization, which is governed by regulations that prevent the transfer of profits to owners.
• Profit-oriented organizations' owners have the option of keeping all of their own profits or investing part or all of them back into the company. They might also choose to use different sorts of compensation programs, such as employee profit-sharing, to choose to distribute some of it to the staff.
• As a result, business firms are profit-oriented entities in which the primary goal of conducting business is to produce profit for the business's owners.

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