Mariah had done a diploma in fashion designing. She is very creative. She saw a picture of a party gown in international fashion magazine having a price tag of Rs. 50,000. She decided to make that gown herself with some customisation. She calculated that for making of gown, she has spent Rs.4000. Her friend liked the gown very much, so Swati sold that gown to her friend for Rs. 8,500 and made a profit of Rs. 4,500. Swati decided to open a boutique of selling readymade dresses for girls.
On the basis of the given information about Mariah, answer the following questions –
( a) Will the transaction between Mariah and her friend be termed as business ?
( b ) State the underlying feature of business .
( c ) Explain the other features of business ?
Answers
Answer:
a, cash transactions
b, profession feature business
c ,Following are the characteristics or features of business A business is an economic activity which includes the purchase & sale of goods or rendering of services to earn money. It is not concerned with the achievement of social and emotional objectives.
(1) Meaning: Activity performed to earn a livelihood
(5) Examples: A worker working in a factory
(2) Purpose: Undertaken to earn money and satisfy physiological needs
(3) Types: Business, profession, and employment
Explanation:
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This question is basically a case study and in this we need to tell that features of business and the transaction was a business or not.
A) The transaction between Mariah and her friend can not be termed as a business because it was not her daily routine job and she did this out of curiosity.
B) Business is an activity in which buying and selling of goods takes place and these are categorized as profession, employment and business. Mariah is in profession she needs specialization to run a boutique and she has done it before hand.
C) Other features of business are there should be purchase and sale of goods. It should be done for earning profit. It should be a continuous process means it should go on.
PROJECT CODE #SPJ3
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