Question

Define business organisation and explain characteristics of business organisation

Answer 1

Business. Definition: Business is defined as an organised economic activity, wherein the exchange of goods and services takes place, for adequate consideration. It includes all those activities whose sole aim is to make available the desired goods and services to the society, in an effective manner.

Answer 2

BUSINESS:-

"Business is a human activity directed towards producing or acquiring wealth through buying and selling goods." --- Lewis H. Honey

CHARACTERISTICS OF BUSINESS:-

• An economic activity
• Production or procurement of Goods & services
• Sales or exchange of Goods and services for the satisfaction of Human needs
• Dealing in goods or services om a regular basis
• Profit earning
• Uncertainty of return/risk