What is business and what are its characteristics?
Understand the Problem
The text discusses the concept of business, defining it and outlining its characteristics. It focuses on business as an economic activity aimed at generating profit.
Answer
Economic activity, profit motive, organized efforts.
The characteristics of a business include being an economic activity, undertaken for profit, and requiring the organized efforts of individuals.
Answer for screen readers
The characteristics of a business include being an economic activity, undertaken for profit, and requiring the organized efforts of individuals.
More Information
A business involves the exchange or production of goods and services. Its main objective is to earn profits, categorized as an economic activity as people engage in these activities primarily to earn money.
Tips
A common mistake is to overlook the organized nature of business activities, which is essential for achieving its goals.
Sources
- What Is a Business? definition, characteristics and classification - businessjargons.com
- Business- Meaning features, and Characteristics - BYJU'S - byjus.com
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