Question

Explain the meaning and characterstics of business​

Answer 1

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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.

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Answer 2

Answer:

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. First, businesses must be the result of individuals working together in an organized way. Second, businesses must satisfy a societal need. Third, businesses must seek to make a profit.