define busssiness and describe its important characteristics
Answers
Answer:
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. example :- company. characteristics of business :- economic activity. production and procurement of goods and services.
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Explanation:
Answer:
Definition
DefinitionAccording to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is 'the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs.' A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being used. Regardless of the preferred strategy, businesses must provide a service, product, or good that meets a need of society in some way.