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| 1. |
What is concept of business |
| Answer» Concept of Business\tThe term business is derived from the word ‘busy’. Thus, business means being busy.\tHowever, in a specific sense, business refers to an occupation in which people regularly engage in activities related to purchase, production and/or sale of goods and services with a view to earning profits.\tThe activity may consist of production or purchase of goods for sale, or exchange of goods or supply of services to satisfy the needs of other people.\tIn every society people undertake various activities to satisfy their needs. These activities may be broadly classified into two groups —\xa0economic and non-economic. | |