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Nature And Purpose Of Business

Question

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Explain the concept of business.

Solution

The term business is derived from the word 'busy' which means to be occupied. Thus, business means being busy.
In other words, busines refers to the activity of buying and selling products and servies with a view to earn profit.

Some More Questions From Nature and Purpose of Business Chapter

Name the functions of business.

How is business an economic activity?

Explain how industry, trade and commerce are related.

What is the role of profit in business?

How auxiliaries to trade help in removing hindrance?

What is business risk. What is its nature?

How would you classify business activities?

What are various types of industries?

Explain any two business activities which are auxiliaries to trade.

State the different types of economic activities.

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