Question

Explain three characteristics of buisniss

Answer 1

Answer:

The essential characteristics of business are as follow:

(b) Sale or exchange of goods and services. (c) Regular exchange of goods and services. (d) Requires investment. (e) Aims at earning profit. (f) Involves risk and uncertainty of income.

Answer 2

Answer:

1. Economic activity:

Business is an economic activity of production and distribution of goods and services. It provides employment opportunities in different sectors like banking, insurance, transport, industries, trade etc.

2. Buying and Selling:

The basic activity of any business is trading. The business involves buying of raw material, plants and machinery, stationary, property etc. On the other hand, it sells the finished products to the consumers, wholesaler, retailer etc.

3. Continuous process:

Business is not a single time activity. It is a continuous process of production and distribution of goods and services. A single transaction of trade cannot be termed as a business. A business should be conducted regularly in order to grow and gain regular returns.

Explanation:

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