definition of business Related: Business and Profession - Nature and Purpose of Business, Business Studies (BST), CBSE Class 11

Question

definition of business Related:  Business and Profession - Nature and Purpose of Business, Business Studies (BST), CBSE Class 11

Answer

Business is an institution organise and operated to provide goods and services to the society under the incentive of private gain.

Answer

Business refer to those economic activity which are connected with the production,purchases,sale or distribution of goods or services with the main objective of earning profit.

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Business is regular basic activity by which we earn profit  and it is an economic activity

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It is n economic activity which connected with production , purchase ,sale or distribution of goods or services and the main motive of earning profit.

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Business is an occupation in which the people engage themselves in order to earn profit.

Answer

Nature and Purpose of Business

Business refers to the activity of producing, buying, selling, or providing goods and services to earn a profit. It involves various entities such as producers, consumers, and intermediaries, who engage in transactions to satisfy their needs and wants. Business plays a crucial role in the economy by creating employment opportunities, generating income, and contributing to the overall development of a nation. Let's delve into the nature and purpose of business in detail.

Nature of Business:
1. Economic Activity: Business is an economic activity as it involves the production, distribution, and consumption of goods and services. It aims to maximize profits and ensure sustainability.
2. Exchange of Goods and Services: Business facilitates the exchange of goods and services between buyers and sellers. It involves various transactions, such as buying, selling, and bartering.
3. Profit Orientation: The primary objective of business is to earn a profit. Profit acts as a reward for the risks taken and the efforts made by entrepreneurs.
4. Continuity: Business aims for long-term sustainability and growth. It strives to establish a strong customer base, maintain quality, and adapt to changing market conditions.
5. Uncertainty and Risk: Business operations are subject to uncertainties and risks, such as market fluctuations, competition, technological advancements, and legal and regulatory changes. Entrepreneurs must make informed decisions to mitigate risks and ensure profitability.
6. Social Responsibility: Businesses have a social responsibility towards society. They must operate ethically, comply with laws and regulations, and contribute to the welfare of society.

Purpose of Business:
1. Economic Prosperity: Business contributes to economic prosperity by creating employment opportunities, generating income, and promoting economic growth.
2. Consumer Satisfaction: The purpose of business is to satisfy the needs and wants of consumers by offering quality products and services. Customer satisfaction is crucial for business success and long-term sustainability.
3. Wealth Creation: Business activities lead to wealth creation, not only for entrepreneurs but also for employees, shareholders, and society as a whole. It helps in the equitable distribution of wealth.
4. Innovation and Development: Businesses drive innovation and technological advancements, leading to the development of new products, services, and processes. This fosters economic growth and improves the standard of living.
5. Social Welfare: Businesses have a responsibility to contribute to the welfare of society. They can engage in corporate social responsibility initiatives, such as philanthropy, environmental sustainability, and community development programs.

In conclusion, business is an economic activity that involves the production, distribution, and consumption of goods and services to earn a profit. It plays a vital role in the economy by creating employment, generating income, satisfying consumer needs, and contributing to overall development. Businesses must operate ethically, adapt to changing market conditions, and fulfill their social responsibilities for long-term sustainability and success.

Answer

Business is an economic activity

Answer

BUSINESS refers to the economic activity which deals production purchase, manufacturing of goods and the services ,exchange of goods and services on daily basis for maximize the profit it is called the business.
example:- mining, manufacturing production, fishing ,agriculture etc.

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