The word “Industry” refers to the business activities which are linked with the extraction and production or manufacturing of products. If you continue browsing the site, you agree to the use of cookies on this website. Top 10 Important Nature/Characteristics of Business 1.
  • A decision-making organization involved in the process of using inputs to produce good and/or provide services. The sectorwhere raw material gets converted into useful products is called industry. Entrepreneurship is an innovative activity, through which creative ideas may be … Join now. Find an answer to your question explain nature of business as an economic activity 1. Join now. An economic activity: Business in considered as an economic activity because it is undertaken with the objective of earning money.
  • Businesses exist to satisfy the needs and wants of people, organizations, and governments. Business is an economic activity of production and distribution of goods and services. The nature of business refers to the overall activities of a company in their quest to create, market, and sell a service or a product. To develop a better understanding of the marketing practices, let us know about its nature: Managerial Function: Marketing is all about successfully managing the product, place, price and promotion of business to generate revenue. Profit: Profit is what keeps a company going and is the main aim of most businesses. Section 1.1 The Nature of Business Activity Unit 1 Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. H ence, if the business owners want to formulate and establish valid decision rules for thei r bus iness, they must Answered Explain nature of business as an economic activity 1 Following business components play an important role in the scope of business: Industry. E.g. What is a business? … Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. The basic activity of any business is trading.