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Nature And Purpose Of Business

Question

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A person purchase a house and then sells it after five years. Will this economic activity be called business?

Solution

No

Some More Questions From Nature and Purpose of Business Chapter

Define the term 'industry'.

Define 'Commerce'.

Define trade.

Define internal trade.

Define External Trade.

Define risk.

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?

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