Business is an economic activity and therefore, its purpose is to show economic results. The economic objectives of business are follows: (i)Earning profit: Profit means excess of income over the expenditure. The foremost and prime objective of every businessman is to earn profit.

Objectives of Chapter Notes - Nature and Purpose of Business

The chapter notes on the Nature and Purpose of Business have several objectives, which are as follows:

1. Understanding the concept of business:
The first objective of these chapter notes is to help students understand the concept of business. It provides a comprehensive explanation of what business is and its various aspects. This includes the definition of business, its characteristics, and different types of businesses.

2. Exploring the objectives of business:
The chapter notes aim to explore the objectives of business. It explains that the primary objective of any business is to earn profits, but it also discusses other objectives such as providing goods and services to society, creating employment opportunities, and contributing to economic development.

3. Understanding the importance of business:
These chapter notes highlight the significance of business in the economy. It explains how business plays a vital role in generating income, reducing poverty, and improving the overall standard of living. It also discusses the economic and social benefits that businesses bring to society.

4. Examining the features of business:
The chapter notes delve into the features of business, helping students understand the essential characteristics that distinguish a business from other activities. It covers aspects such as economic activities, production or exchange of goods and services, dealing with customers, and risk-taking.

5. Discussing the role of profit in business:
Profit is a crucial aspect of any business, and these chapter notes discuss its role in detail. It explains that profit is the reward for taking risks and acts as a motivation for entrepreneurs. It also emphasizes the importance of profit in sustaining and expanding business operations.

6. Understanding the social responsibilities of business:
The chapter notes shed light on the social responsibilities of business organizations. It explains that businesses have a duty towards society and should contribute positively to the environment, employees, customers, and other stakeholders. It also discusses the concept of corporate social responsibility (CSR).

7. Examining the relationship between business and profession:
These chapter notes also explore the relationship between business and profession. It explains the key differences between the two and provides examples to help students understand the distinction. It also highlights that professionals can engage in business activities.

Overall, the objective of these chapter notes is to provide students with a comprehensive understanding of the nature and purpose of business. It aims to equip them with the knowledge and skills required to analyze and evaluate business activities and their impact on society and the economy.