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.
- Peter Drucker: the only purpose of a business is to create customers. Concept of Business: – Business refers to those economic activities involving the purchase production and / or sale of goods and services with a motive of earning profit by satisfying human needs in society.. Characteristics of Business:. The business involves buying of raw material,... 3. Nature of work means, what work is to be done in the business. An industry may produce consumer goods or capital goods. Ask your question. It is a business term, used in business. Log in. Normally a business will try to obtain a satisfactory level of profits so they do not have to work long hours or pay too much tax. The product formed by an industry is either used by the vital consumers or again by the industry. sumitdeys sumitdeys 20.07.2019 Business Studies Secondary School +5 pts. 1. 1. Section 1.1 The Nature of Business Activity Unit 1. ●Land– this general term not only includes land itself but all of the renewable and non-renewable resources of nature, such as coal, crude oil and timber. Ask your question. I would like to make you understand in a more simple way. Log in. Nature of business will be influ enced by the business environment. Ability to Innovate. Business activity exists to produce goods or services, which can be classifi ed in several ways: consumer goods, consumer services and capital goods. Buying and Selling: It is a very simple meaning. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. It provides... 2. What is business, what is the nature of business & what are characteristics of business? Economic activity: 2. Business denotes busi-ness, that is the state of being busy – any activity in which one keeps himself busy. Essentially, the main focus for what a company does in a particular sector or industry is known as that company’s nature of business. ; Human Activity: It satisfies the never-ending needs and desires of human beings. Activities related to production & processing as well as activities related to rearing & reproduction of animals or other living species are all included in the industry. What is Business.
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