business is essential to the working of a modern society briefly describe the products and characteristics of at least ten different types of businesses which you have seen in your town
Answers
The ten important characteristics are as follows
Explanation
1. Economic Activity
Production and distribution of commodities and services constitute the economic activity known as business. Jobs are available in a variety of areas, including banking, insurance, transportation, business, and commerce. It is an economic activity that includes the development of utilities to meet human needs. The society benefits from it as a source of revenue. Economic growth is facilitated by business, which creates job possibilities. The nation's industrial and economic progress is a result of it.
2. Buying and Selling:
Trading is the foundational activity of all businesses. The company entails purchasing raw materials, stationary, plants, machinery, real estate, etc. However, it also sells the final goods to customers, wholesalers, retailers, etc. Various commodities and services are made available by business to the various societal segments.
3. Continuous process
The business world is a continuous activity. Production and distribution of products and services go place continuously. A single commercial transaction cannot be said to as a business. For a firm to expand and generate consistent profits, it must be operated consistently. Businesses should continually invest in research and development to obtain an edge over competitors. A plan for continual improvement aids in boosting a company's profitability.
4. Profit Motive:
The level of profit reflects a company's success or failure. It represents the gap between the business's revenue and costs. Gaining the largest amount of profit via the creation and selling of goods and services is often a business's main objective. The investment has produced a return. All business endeavors are driven by the desire to make money.
The business has to make money in order to survive, develop, and expand. Every business, it seems obvious, exists to make money. Although there are different objectives for company, producing money is always the main objective. Economic expansion depends on it.
5. Risk and Uncertainties:
The impact that uncertainty has on a company's goals is known as risk. Each and every business involves risk. Insurable and non-insurable risks are two categories of risks that businesses are subject to. Risk that is insurable is foreseeable.
6. Creative and Dynamic:
The character of contemporary commerce is innovative and dynamic. For the creation and distribution of goods and services, business organizations must develop innovative ideas, strategies, and concepts. It refers to bringing anything in a brand-new, creative approach.
7. Customer satisfaction
Modern concepts have replaced conventional ones in the commercial sphere. Today's businesses have a customer-focused stance. The ultimate goal of all commercial endeavors is customer happiness. By offering high-quality goods at competitive prices, modern businesses feel they can please their clients. Customer happiness is also emphasized, in addition to profit. Only when they receive genuine value for their money do consumers feel satisfied.
8. Social Activity:
Entrepreneurship is a socioeconomic activity. Business and society are dependent on one another. Social responsibility is a major component of contemporary business.
9. Government control:
Government oversight is imposed on business organizations. The government has created a number of laws and regulations that they must abide by. Government guarantees that business is managed for the benefit of society by maintaining effective oversight and control and by periodically introducing and changing laws and regulations.
10. Optimum utilization of resources
Business enables the best use of a nation's material and intangible resources and leads to economic advancement. Utilizing the limited resources to the utmost extent helps to concentrate economic riches and satiate consumer requirements and wants.
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