Describe the characteristics of business. - Vidyadip

Question

Describe the characteristics of business.

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Answer

Following are the characteristics of business:

Economic activity: It is an economic activity, which is the done with the motive to earn money.
Production: It deals in either production, purchase, procurement of goods or renders service or both.
Satisfaction of human want: All the activities performed are for satisfying human wants.
Regularity: In business, activity is performed on regular basis.
Profit: Profit earning is the primary aim of an business.
Risk: Business involve risk of incurring losses or earning inadequate profits.

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