Question
Explain the concept and essential features of business. Distinguish clearly between business, profession, and employment.
Answer :
Word Count : 502
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Business refers to the organized effort by individuals or groups to produce and sell goods or services to satisfy human needs and wants with the primary objective of earning profit. It encompasses all activities that are undertaken systematically and continuously for economic gain. Business forms the backbone of an economy as it facilitates the production, distribution, and consumption of goods and services, thereby generating wealth, providing employment, and contributing to social development. It is not merely an activity for earning livelihood but a structured practice aimed at growth, sustainability, and fulfilling market demands. The essential features of business include economic activity, as business is carried out to earn profit rather than for personal satisfaction; production or procurement of goods and services, which involves either manufacturing products or acquiring them for resale; regularity, since business activities are
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