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| 1. |
What is a business? What is its concept and characteristics |
| Answer» Business is an economic activity carried on by a few or more individuals to produce, buy or sell goods and services that satisfy human needs and help in earning income.An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors. A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product. Once a concept is developed, it is incorporated into a business plan.Business characteristics are:--1. Business is an economic activity2. objective of earning money3. production or procurement of goods and services4. Sale or exchange of goods and services for the satisfaction of human needs5. Dealing in goods and services on a regular basis6. Earn profits7. Uncertainty of return8. Element of risk. | |