Nature of Business &
Economic Activity:
Answers
Explanation:
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. it is an economic activity corned with creation of utilities for the satisfaction of human wants.
Economic activity is the process by which the stock of resources or stock of capital produces a flow of output of goods and services that people utilize in partial satisfaction of their unlimited wants.
Usually, when filling out some kind of form, "nature of business" refers to the type or general category of business or commerce you are describing. For example, if you worked at McDonald's, the nature of your business is food services.