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  • Businesses exist to satisfy the needs and wants of people, organizations, and governments. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. Economic activity: Business activities are any events that are undertaken by a corporation for the purpose of earning a profit. Nature of business will be influ enced by the business environment.
  • Peter Drucker: the only purpose of a business is to create customers. The basic activity of any business is trading. sumitdeys sumitdeys 20.07.2019 Business Studies Secondary School +5 pts. ●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. 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:. An economic activity: Business in considered as an economic activity because it is undertaken with the objective of earning money. The word “Industry” refers to the business activities which are linked with the extraction and production or manufacturing of products. Business denotes busi-ness, that is the state of being busy – any activity in which one keeps himself busy. 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. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. It is a business term, used in business. Business is an economic activity of production and distribution of goods and services. 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. Ask your question. E.g. 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.
    • A decision-making organization involved in the process of using inputs to produce good and/or provide services. What is a business? The sectorwhere raw material gets converted into useful products is called industry. A business is an organization that strives for a profit by providing goods and services desired by its customers. Goods are tangible items manufactured by businesses, such as … Entrepreneurship is an innovative activity, through which creative ideas may be … Following business components play an important role in the scope of business: Industry. If you continue browsing the site, you agree to the use of cookies on this website. I would like to make you understand in a more simple way. 1- Explain the terms internal environment and external environment 2- Assess the view that “government intervention in a market economy is necessary to improve the environments in which businesses operate” The learning outcomes for this assignment are: Examine the nature of economic activity in the business market Understand the economic environment of business Evaluate the […] What is business, what is the nature of business & what are characteristics of business? Log in. Join now. 2. ; Human Activity: It satisfies the never-ending needs and desires of human beings. An industry may produce consumer goods or capital goods. The business involves buying of raw material,... 3. Answered Explain nature of business as an economic activity 1 ; Increase added value: Value added is the difference between the price and material costs of a product. 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. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. What is Business. 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. 1. Buying and Selling: The … Ability to Innovate. Join now. The product formed by an industry is either used by the vital consumers or again by the industry. Good… 1. Find an answer to your question explain nature of business as an economic activity 1. Profit: Profit is what keeps a company going and is the main aim of most businesses. Top 10 Important Nature/Characteristics of Business 1. Section 1.1 The Nature of Business Activity Unit 1. Ask your question. Business activity exists to produce goods or services, which can be classifi ed in several ways: consumer goods, consumer services and capital goods. … Essentially, the main focus for what a company does in a particular sector or industry is known as that company’s nature of business. It is a very simple meaning. Nature of work means, what work is to be done in the business. It provides... 2. Log in. H ence, if the business owners want to formulate and establish valid decision rules for thei r bus iness, they must ; Economic Function: The crucial second marketing objective is to earn a profit.

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