Business Studies, asked by karthikd12, 8 months ago

What is meant by business? Describe any two characteristics of business.​

Answers

Answered by rajeshdutta370
0

Answer:

I didn't say the answer

Answered by sree1685
1

Answer:

Business is an economic activity that involves the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy the needs of customers. Businesses can be both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.

1)An Economic Activity :

•A business is an economic activity which includes the purchase & sale of goods or rendering of services to earn the money.

•It is not concerned with the achievement of social and emotional objectives.

Example:Wholesaler sell goods to the retailers and retailers sell goods to the customers.

2)Manufacturing or Procurement of Services and Goods:

•Before offering goods to the consumer for consumption it should be manufactured or procured by businesses.

•Business enterprise converts the raw material into finished goods.

•Organizations also procure finished goods& services from the producers to meet the needs of the customers in the market.

•Goods can be a Consumer good like sugar, pen, ghee, etc. capital goods include machinery, furniture, services like transportation, banking, etc.

Example:Individual retailer buys the toffees from wholesalers in a specific quantity and sells it to the ultimate consumer.

HOPE THIS WILL HELP YOU

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