Define Business. Describe its important characteristics.
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business refers to those economic activity which are connecting with production and purchase and sell of goods and supply of services with main motive of an earning profit.
characteristics of business :-
economic activity
production and procurement of goods and services
sale or exchange of goods and services for value
profit earning
uncertainty of return
element of risk
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business refers to that economic activity which are connecting with production and purchase and sell of goods and supply of services with the main motive of an earning profit.
Example:- company. characteristics of business:- economic activity. production and procurement of goods and services.
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