Question

What is business? Explain its features and objectives. State the differences among business, profession and employment.

16 Nov 2025
Answer :
Word Count : 443
Business is an organized effort by individuals or groups to produce and sell goods or services to satisfy human needs and earn profit. It is a systematic activity that involves investment of capital, utilization of resources, and management of operations to achieve specific economic objectives. Business is a fundamental part of an economy, providing goods and services, generating employment, and contributing to national development. It involves risk-taking, decision-making, and coordination of various functions like production, marketing, finance, and human resources. The features of business can be summarized as follows. First, profit motive is central to business; the primary aim is to earn reasonable returns on investment while maintaining sustainability. Second, economic activity is inherent, as business deals with production, distribution, or exchange of goods and services with the objective of satisfying human wants. Third, continuity of operations is a key feature; unlike occasional transactions, business is carried on continuously, reflecting planning and long-term objectives. Fourth,
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