Question

Explain different characteristics of business?
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Answer 1

Answer:

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Explanation:

Characteristics of Business. ... Profit earning: The basic purpose of business is to make the profit from its activities. It is the spine of business, which keeps the business going, in the long term. Element of risk: Risk is the key element of every business, concerned with exposure to loss

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Answer 2

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Characteristics of Business

(i) Economic Activity Business is considered to be an economic activity because it is undertaken with as aim of earning money or livelihood.

(ii) Production or Procurement of Goods and Services Goods are offered to consumers after they are either produced or procured by business enterprises. Thus, every business enterprise either manufactures the goods it deals in or it acquires them from other producers, to be further sold to consumers or users. Goods may be consumer goods like television, tea, pen, etc or capital goods like machinery, furniture, etc. Services may include facilities offered to consumers in the form of transportation, banking, electricity, etc.