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scope of business Related: Characteristics of Modern Business Environ...
Business:
Definition of Professor Owen, “Business is any enterprise engaged in production and distribution of goods for sale in a market or rendering services for a price.”
Definition of Keith Davis, “Business may be defined as any form of commercial activity to satisfy the economic wants of people at a profit.”
Scope of Business or, Nature of Business
The scope of business is very comprehensive. It encompasses all human activities, which tend to satisfy needs and wants of the human beings living in a society. A large part of the business is concerned with providing the final or finished products or goods to the desired people.
Business is universal and everywhere. It is essential to ensure the production and distribution of goods and services to satisfy the economic wants of people at a profit. The nature and scope of business are changing very quickly. The people, who are engaged in business, must have to cope with the changing environment because the people’s attitudes, habits, testes, likes and dislikes, norms, beliefs, values, perceptions and motives are changing with the change of time.
Profit earning cannot be the sole motive of business activity. Businessmen do have a social responsibility too that must be met. Business organizations produce goods and services to generate profit but such activities create impact on society as well as the whole community. The responsibility of businessman is to provide the goods and services in a way which is not harmful to the society.
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scope of business Related: Characteristics of Modern Business Environment - Business Environment?
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scope of business Related: Characteristics of Modern Business Environment - Business Environment? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about scope of business Related: Characteristics of Modern Business Environment - Business Environment? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for scope of business Related: Characteristics of Modern Business Environment - Business Environment?.
scope of business Related: Characteristics of Modern Business Environment - Business Environment? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about scope of business Related: Characteristics of Modern Business Environment - Business Environment? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for scope of business Related: Characteristics of Modern Business Environment - Business Environment?.
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