what is business? describe its nature and features.
Answers
Answer:
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
There are three major types of businesses:
Service Business. A service type of business provides intangible products (products with no physical form). ...
Merchandising Business. ...
Manufacturing Business. ...
Hybrid Business. ...
Sole Proprietorship. ...
Partnership. ...
Corporation. ...
Limited Liability Company
Explanation:
There are five broad features of business:
It also deals with services like transport, banking, insurance etc. Production and exchange: Business is carried out only when goods and services are produced and exchanged for money. If goods are produced for self-consumption, such an activity is not treated as business.
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.
Nature of business
Service Business. A service type of business provides intangible products (products with no physical form). ...
Merchandising Business. ...
Manufacturing Business. ...
Hybrid Business. ...
Sole Proprietorship. ...
Partnership. ...
Corporation. ...
Limited Liability Company.
Etc
Hope this helps you