Question

Long Answer
1. What is business? Describe the nature of business activities.
2. How will you classify business activities?​

Answer 1

Answer:

1 ans. The 'outputs' of a business are the goods and services that satisfy consumers' needs, usually with the aim of making a profit. Business activity exists to produce goods or services, which can be classified in several ways: consumer goods, consumer services and capital goods.

2 ans. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services.