What do you mean by business and explain its features?

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. Businesses can be both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.

What are the features of a business?

The following are the ten important characteristics of a business:

  • Economic activity: Business is an economic activity of production and distribution of goods and services. …
  • Buying and Selling: …
  • Continuous process: …
  • Profit Motive: …
  • Risk and Uncertainties: …
  • Creative and Dynamic: …
  • Customer satisfaction: …
  • Social Activity:

What is business explain any five features of business?

There are five broad features of business: Dealings in goods and services: Business deals with goods and services. Goods are divided into consumer goods like bread, butter, shoes, shirt etc. and producer goods like machinery, tools, equipment etc. It also deals with services like transport, banking, insurance etc.

What do you mean by business explain?

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships.

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What is business and its features Class 11?

SUMMARY. Concept and characteristics of business: Business may be defined as an economic activity involving the production and sale of goods and services undertaken with the motive of earning profit by satisfying human needs in society.

What are the features of business persons mention any two?

(i)They own their own shops or business. (ii)They employ a number of workers as supervisors and helpers.

What are the features of business services?

Successful business services have many characteristics, but the following few point out some of the most common characteristics of successful business services.

  • Effective communication. …
  • Customer focus. …
  • Timeliness. …
  • Genuine branding. …
  • Adaptability.

What are the features of a business explain any three?

Sale, transfer or exchange: All business activities involve transfer or exchange of goods and services for some consideration. The consideration called price is usually expressed in terms of money. Business delivers goods and services to those who need them and are able and willing to pay for them.

What is business definition PDF?

business as “The regular production or purchase and sale of goods undertaken with an objective. of earning profit and acquiring wealth through the satisfaction of human wants.”

What is the meaning of business class 11?

Answer: Business: An economic activity involving the production and sale of goods and services undertaken with a motive of earning profit by satisfying human needs in society is called business.