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explain the nature of business activity

; Economic Function: The crucial second marketing objective is to earn a profit. Business activities are any events that are undertaken by a corporation for the purpose of earning a profit. Economic activity: A business is an organization that strives for a profit by providing goods and services desired by its customers. Essentially, the main focus for what a company does in a particular sector or industry is known as that company’s nature of business. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. … The word “Industry” refers to the business activities which are linked with the extraction and production or manufacturing of products. 1. Nature of business will be influ enced by the business environment. 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. 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 […] sumitdeys sumitdeys 20.07.2019 Business Studies Secondary School +5 pts. Buying and Selling: Business is an economic activity of production and distribution of goods and services. Ask your question. E.g. The business involves buying of raw material,... 3. Find an answer to your question explain nature of business as an economic activity 1. Log in. Good… 1. Following business components play an important role in the scope of business: Industry. The basic activity of any business is trading. Ask your question. 2.

  • Peter Drucker: the only purpose of a business is to create customers. It provides... 2. What is business, what is the nature of business & what are characteristics of business? If you continue browsing the site, you agree to the use of cookies on this website. An industry may produce consumer goods or capital goods. 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:. Profit: Profit is what keeps a company going and is the main aim of most businesses. Section 1.1 The Nature of Business Activity Unit 1. Nature of work means, what work is to be done in the business. ; Increase added value: Value added is the difference between the price and material costs of a product. An economic activity: Business in considered as an economic activity because it is undertaken with the objective of earning money. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. Join now. 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. Entrepreneurship is an innovative activity, through which creative ideas may be … Answered Explain nature of business as an economic activity 1 Business activity exists to produce goods or services, which can be classifi ed in several ways: consumer goods, consumer services and capital goods. Top 10 Important Nature/Characteristics of Business 1. It is a business term, used in business. H ence, if the business owners want to formulate and establish valid decision rules for thei r bus iness, they must 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. The … Goods are tangible items manufactured by businesses, such as …

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