Question

The object of business should be profit and service both explain in brief
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Answer 1

Answer:

Profit is the lifeblood of business, without which no business can survive in a competitive market. In fact profit making is the primary objective for which a business unit is brought into existence. Profits must be earned to ensure the survival of business, its growth and expansion over time.

Explanation:

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Answer 2

A business should strive to achieve both profits and service of the society for long-term survival and customer loyalty.

Explanation:

• Business can be defined as an economic activity that is done with the main motive of earning profits.
• However, there is a growing trend of focusing on earning profit as well as servicing the society in the businesses.
• This is mostly because of the concept of corporate social responsibility.
• It is important to mention that no business can thrive if its only focus is earning profits.
• If a business functions only with the objective of earning profits, its products will be expensive. Due to this, the business will lose customers.
• So to ensure the existence and survival of a business firm, both service and profit are important.