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Why Business is cansidered as an economic activity?
Verified Answer
Why Business is cansidered as an economic activity?
Business is considered an economic activity because it has the following features:
1. Profit Motive: Business means production, purchase and sale of goods with profit motive. Earning profit for satisfying needs make the business an economic activity.
2. Business activities require use of scarce resources: To run business concern the owner must have adequate capital, raw materials, skilled workers. Business requires sufficient funds to be invested in it. All these activities involve monetary transactions. So business is an economic activity.
3. Satisfying human wants: Business is a source of income for businessmen and their families. Business can, therefore, be regarded as an economic activity not only as a means of earning income by businessmen but also as a means of satisfying the wants of people.
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Most Upvoted Answer
Why Business is cansidered as an economic activity?
Business is considered as an economic activity because it is undertaken with the object of earning money or livelihood and not because of love, affection, sympathy or any other sentimental reason.
Community Answer
Why Business is cansidered as an economic activity?
Because it has aim of earning money and livelihood
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Why Business is cansidered as an economic activity?
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Why Business is cansidered as an economic activity? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Why Business is cansidered as an economic activity? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why Business is cansidered as an economic activity?.
Why Business is cansidered as an economic activity? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Why Business is cansidered as an economic activity? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why Business is cansidered as an economic activity?.
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