Business is a part of economic activity. Justify this statement
Answers
Answer: "Business is a part of Economic activity."
This statement includes two words -
Business - It refers to the exchange of goods and services among the parties of seller and buyer lieu of earning money.
Economic - This is a bridge of making decisions about how to spend the limited resources to satisfy the needs and wants.
As per the above statement,
Business is a part of economic activity because all the working and operations took out by the producers with the mind-set of earing more and more profit. Along with this, consumer or customer is making their call out of product with the thinking of achieving the best combination of product to satisfy the needs and creating savings. Business is a two-way money flow process where goods and services are exchanged with money. To generate income and product satisfaction side by side simultaneously.
Hence, the above statement is true.
Answer:
business is part of economic activity