Business Definition Quiz

The economic term of business refers to work, efforts, and acts of people or human busy in connection with the production of wealth. It encompasses the sum of total activities connected with the production or purchase and sale of goods and services with the main objective to earn profit.

According to Urwick and Hunt, 'Business is any enterprise which makes, distributes, or provides any service which other members of the community need and are willing to pay for it'.

Economic activity involves making use of scarce resources to the best advantage for the satisfaction of human wants. It deals with utilizing scarce resources available to satisfy the insatiable and innumerous wants of human beings.

<p>The term 'business' denotes the state of being busy, where any activity in which one keeps himself busy is considered as a form of business. It reflects the engagement of individuals in work, efforts, and acts connected with the production or purchase and sale of goods and services.</p> Signup and view all the answers

<p>Man's insatiable and innumerous wants drive him to work harder in order to make use of scarce resources available for the satisfaction of his wants. The desire to fulfill wants motivates economic activities.</p> Signup and view all the answers

<p>To persuade buyers to purchase goods or services</p> Signup and view all the answers

<p>Profit</p> Signup and view all the answers

<p>To offer short-term incentives to encourage purchase or sales</p> Signup and view all the answers

<p>Personal selling</p> Signup and view all the answers

<p>Loyal customers</p> Signup and view all the answers

<p>To offer short-term incentives to encourage purchase or sales of a product or service</p> Signup and view all the answers

<p>Publicity</p> Signup and view all the answers

<p>To make people aware of the product, service, or company</p> Signup and view all the answers

<p>Advertising</p> Signup and view all the answers

<p>To create interest in the minds of buyers</p> Signup and view all the answers

<p>To persuade buyers to purchase goods or services and improve public image</p> Signup and view all the answers

<p>Publicity</p> Signup and view all the answers

<p>Offer short-term incentives to encourage purchase or sales of a product or service</p> Signup and view all the answers

<p>Personal selling</p> Signup and view all the answers

<p>Interest and loyal customers</p> Signup and view all the answers