A
Give us some examples of Goods
Give examples of a Professional
Primary objective of Business is to _____________
earn profit
Define the term business.
Answer- Business is an occupation in which goods and services are produced and sold for money. It is conducted on a regular basis. Primary objective is profit. Examples-Banking.
A cobbler making shoes for himself is not engaged in business, why?
Answer- A cobbler making shoes for himself is not a regular activity and he is not doing it for profit. Hence he is not engaged in business. In business a person does an activity regularly and the aim is to earn profit.
Distinguish (Difference) between Economic v/s Non Economic activities.
Purpose
Outcome
Expectations
What is meant by business. Describe any 2 characteristics of business.
Answer- Business is an occupation in which goods and services are produced and sold for money. It is conducted on a regular basis. Primary objective is profit.
Examples- banking, transporting etc.
The 2 characteristics are -
Regular exchange of goods and services- The production of goods or buying and selling are conducted on a regular basis.
Aims at earning profit- The primary aim of every business is to earn profit.
State and explain the Economic objectives of a business.
Answer-Economic objectives of business means the objective of earning profit.
Profit is the lifeline of business.Without profit, no business can survive in a competitive market.Thus, profit making is the primary objective for business.
The following are the Economic objectives of a business
i) Creation of customers: A business cannot survive unless there are customers to buy the products or services.
ii) Continuous innovations: Business is highly dynamic and a company can continue to be successful only by changing based on its environment. Innovation means changes, which bring about improvement in products.
iii) Best possible use of resources: This objective can be achieved by employing efficient workers, making full use of machines and reducing waste of raw materials (materials used for making goods).
Distinguish (Difference) between business, profession and employment.
refer to notes