what is business. correct answer
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Answer:
Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit." ... The proprietor is personally taxed on all income from the business.
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Business is an economic activity carried out with the main aim of earning profits and producing goods and services.
Explanation:
- Business can be defined as an economic activity.
- This activity is generally concerned with procurement or production of goods and services and selling them to the customers for earning profit.
- An activity done for charity purposes is not a business activity.
- A business is generally started and conceived by the promoter or an entrepreneur.
- A business is a risky economic activity as the returns are not fixed.
- A business organization has to follow various rules and regulations for legal functioning.
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