Question

what is meant by business? state it's any two characteristics.​

Answer 1

Business:

- 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.

Characteristics:

- An economic activity: Business is considered to be an economic activity because it is undertaken with the object of earning money or livelihoods.

- Dealings in goods and services on a regular basis: Business involves dealings in goods or services on a regular basis. One single transaction of sale or purchases is not considered as business.

Answer 2

There are three key characteristics that must be met to have a business: First, businesses must be the result of individuals working together in an organized way. Second, businesses must satisfy a societal need. Third, businesses must seek to make a profit