What is Business? Meaning
Human beings are continuously engaged inward but about activity or other inward social club to satisfy their unlimited wants. Every hateful solar daytime nosotros come upwards across the give-and-take 'business' or 'businessman' direct or indirectly. Business has popular off essential business office of modern world.
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Business is an blogspot.com//search?q=what-are-economic-activities-types-of">economic activity, which is related amongst continuous together with regular production together with distribution of goods together with services for satisfying human wants.
All of us necessitate food, article of apparel together with shelter. We likewise receive got many other family requirements to live satisfied inward our daily lives. We met these requirements from the shopkeeper. The shopkeeper gets from wholesaler. The wholesaler gets from manufacturers. The shopkeeper, the wholesaler, the manufacturer are doing concern together with thence they are called every bit Businessman.
Definitions of Business
Stephenson defines concern as, "The regular production or purchase together with sale of goods undertaken amongst an objective of earning net turn a profit together with acquiring wealth through the satisfaction of human wants."
According to Dicksee, "Business refers to a shape of activity conducted amongst an objective of earning profits for the range goodness of those on whose behalf the activity is conducted."
Lewis Henry defines concern as, "Human activity directed towards producing or acquiring wealth through buying together with selling of goods."
Thus, the term concern agency continuous production together with distribution of goods together with services amongst the aim of earning profits nether uncertain marketplace conditions.
Features of Business
Characteristics or features of concern are discussed inward next points :-
1. Exchange of goods together with services
All concern activities are direct or indirectly concerned amongst the central of goods or services for coin or money's worth.
2. Deals inward numerous transactions
In business, the central of goods together with services is a regular feature. Influenza A virus subtype H5N1 human of affairs regularly deals inward a disclose of transactions together with non but i or ii transactions.
3. Profit is the principal Objective
The concern is carried on amongst the intention of earning a profit. The net turn a profit is a vantage for the services of a businessman.
4. Business skills for economical success
Anyone cannot run a business. To live a expert businessman, i needs to receive got expert concern qualities together with skills. Influenza A virus subtype H5N1 human of affairs needs sense together with science to run a business.
5. Risks together with Uncertainties
Business is discipline to risks together with uncertainties. Some risks, such every bit risks of loss due to burn downward together with theft tin dismiss live insured. There are likewise uncertainties, such every bit loss due to alter inward demand or autumn inward cost cannot live insured together with must live borne past times the businessman.
6. Buyer together with Seller
Every concern transaction has minimum ii parties that is a buyer together with a seller. Business is naught but a contract or an understanding betwixt buyer together with seller.
7. Connected amongst production
Business activity may live connected amongst production of goods or services. In this case, it is called every bit industrial activity. The manufacture may live primary or secondary.
8. Marketing together with Distribution of goods
Business activity may live concerned amongst marketing or distribution of goods inward which illustration it is called every bit commercial activity.
9. Deals inward goods together with services
In concern at that spot has to live dealings inward goods together with service.
Goods may live divided into next ii categories :-
- Consumer goods : Goods which are used past times lastly consumer for consumption are called consumer goods e.g. T.V., Soaps, etc.
- Producer goods : Goods used past times producer for farther production are called producers goods e.g. Machinery, equipments, etc. Services are intangible but tin dismiss live exchanged for value similar providing transport, warehousing together with insurance services, etc.
10. To Satisfy human wants
The human of affairs likewise desires to satisfy human wants through acquit of business. By producing together with supplying diverse commodities, businessmen stimulate to promote consumer's satisfaction.
11. Social obligations
Modern concern is service oriented. Modern businessmen are witting of their social responsibility. Today's concern is service-oriented rather than profit-oriented.
