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Define business according to Urwick & Hunt.
Define business according to Urwick & Hunt.
According to Urwick & Hunt, business is any enterprise which makes, distributes or provides any article or service which other members of the community need and are able and willing to pay for.
What are the economic objectives of a business?
What are the economic objectives of a business?
The economic objectives of a business include satisfactory profits, creation of customers, and innovation.
List the social objectives of a business.
List the social objectives of a business.
The social objectives of a business include the supply of quality goods at fair prices, fair deal to workers, fair return to investors, and fair dealings with suppliers.
What are the features of business ownership?
What are the features of business ownership?
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Name the basic forms of business ownership.
Name the basic forms of business ownership.
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Study Notes
Definition of Business
- According to Urwick and Hunt, a business is an entity that continues to produce and distribute goods and services to earn profits.
Economic Objectives of a Business
- The primary economic objective of a business is to maximize profits.
- Other economic objectives include:
- Maximizing sales and revenue
- Minimizing costs and expenses
- Improving efficiency and productivity
- Achieving market share and growth
Social Objectives of a Business
- Providing goods and services that satisfy the needs of customers
- Creating employment opportunities for people
- Contributing to the development of the community
- Improving the quality of life of people
- Protecting the environment
Features of Business Ownership
- Autonomy: Business owners have the freedom to make decisions and operate the business independently.
- Responsibility: Business owners are responsible for the risks and consequences of their decisions.
- Profit motive: Business owners aim to earn profits from their business operations.
- Unlimited liability: Business owners are personally responsible for the debts and liabilities of the business.
Basic Forms of Business Ownership
- Sole proprietorship: A business owned and operated by one individual.
- Partnership: A business owned and operated by two or more individuals.
- Joint-stock company: A business owned by its shareholders, who have limited liability.
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Description
Test your knowledge of basic and special forms of business ownership with this quiz by Satnam Kaur BBA. Explore the various types of business structures and gain insights into the different aspects of business ownership.
