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Define Business – what are it’s characteristics? What branches are there?

Asked by: anand kumar 603 days ago - 2 Answers - 2747 views

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“BUSINESS IS AN INSTITUTION ORGANISED AND operated toprovide goods and services to the society under the incentive of private gain.”the broad characteristics of business are as under:

(a) transfer of ownership:exchange is the essence of any business activity.business facilitates transfer of ownership of goods from producers to consumers for money or money’s worth.business houses provide satisfaction to consumers through the provision of form utility,place utility and time utility the incentive of private profit.

(b) scope of activity:business includes trade and aids to trade.trade is that branch of commerce,which is concerned,with the exchange of good’s and services while aids to trade are service-oriented industries,which directly or indirectly help in smooth conduct of business operations.for exampl,transportation,warehousing,insurance,advertising and banking.

(c) profit motive :profit is essential for the very survival of business units.the varieties of goals of business units such as survival,growth,expansion,social welfare,welfare of workers,etc., cannot be achievedunless the unit is economically viale. a loss making unit is least

Answer by shravya donkena 573 days ago
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woww thanks for the info baby

Answer by shiny 573 days ago

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