Define concept of business and business organization
Answers
Answered by
4
Business Organization Vocabulary &Definitions. ... Limited Liability Entities:Business organizations that restrict the owner's liability to their investment in the company. Sole Proprietorship: Abusiness that is owned by a single person, making no legal distinction between the company and the individual.
Answered by
0
Answer:
Concept of business - Business concept refers to the idea and the ethics on which a business works.
There is mainly two concept of business - Traditional/Old Concept - This concept of business says that profit for the firm is earning through the production function and Marketing of the goods and services.
On the other hand,
Modern/New Concept - The evolved concept states that profit for the firm can be earning through customer satisfaction as well as the fulfillment of the Social Responsibility of the business.
Similar questions