Question

Define Business. State its characteristics.

Answer 1

Answer:

A business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. There are three key characteristics that must be met to have a business: ... Second, businesses must satisfy a societal need. Third, businesses must seek to make a profit.

Answer 2

A business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. There are three key characteristics that must be met to have a business: ... Second, businesses must satisfy a societal need. Third, businesses must seek to make a profit.