Question

Answer the following questions in detail :
(1) What is business ? State the objective of business.
(2) Explain the characteristics of business.​

Answer 1

Answer:

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Explanation:

1) The main objective of any business is to earn a profit. Just as a plant cannot survive without water, similarly a business cannot sustain without profit. Profit is necessary for growing and expanding business activities.

2) Business is an economic activity that involves the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy the needs of customers. Businesses can be both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.