Explain the characteristics of business?

1.	Explain the characteristics of business?
Answer» The essential characteristics of business are as follows: 1. Production or Procurement of Goods: Goods must be produced or procured in order to satisfy human wants. 2. Sale, Transfer or Exchange: There must be sale or exchange of goods or services. 3. Profit Motive: An important feature of business is profit motive. Business is an economic activity by which human beings make their living. 4. Dealing in Goods and Services: Goods produced or procured may be consumer goods like cloth, pen, brush, bag, etc., or producer-goods like plant and machinery.

Answer»

The essential characteristics of business are as follows:

1. Production or Procurement of Goods: Goods must be produced or procured in order to satisfy human wants.

2. Sale, Transfer or Exchange: There must be sale or exchange of goods or services.

3. Profit Motive: An important feature of business is profit motive. Business is an economic activity by which human beings make their living.

4. Dealing in Goods and Services: Goods produced or procured may be consumer goods like cloth, pen, brush, bag, etc., or producer-goods like plant and machinery.

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