Management

Concept of business : Meaning, Definitions, Features or characteristics, and Importance

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In this Article we will discuss about Business, What it is and why its is important in social or economic and how it develop economy. We also discuss its features or characteristics and its importance with explanation. Concept of business : Meaning, Definitions, Features or characteristics, and Importance.

 

Concept of business : Meaning, Definitions, Features or characteristics, and Importance

Meaning

The word business has been derived from busy which means being busy. It means any work or activity which keeps busy to himself. In another words we said that business is an economic activity on continuous basis. involves production or purchases of goods for sale, transfer or exchange goods, or supply of services for the purpose of earning profit.

It is a regular process of exchanging goods and services which involve risk and uncertainty. In fact, business is an economic activity aimed to fulfill the need and wants of customers through the supply of goods and services for their satisfaction.

According to L.H Haney, “Business may be defined as a human activity directed Towards producing or acquiring wealth through buying and selling of goods.”

According to James Stephenson, “Economic activities performed for earning profits are termed as the business.”

Characteristics of Business

  • Concept of business : Meaning, Definitions, Features or characteristics, and Importance
  1. Dealing in goods and services

Business refers to those organizations which deals in goods and services on daily basis and this process occurred for long time. And it is a continuous process.

  1. Regular dealing

Dealing in goods and services on regular basis which helps business in development and helps in market growth.

  1. Profit earning

Business is an organization which deals in regular basis and the main motive of business is to earn profit. The primary goal of a business is usually to obtain the highest possible level of profit through the production and sale of goods and services

  1. Customer satisfaction

Business refers to that institution which deals in exchange of goods and services and satisfying human needs. It helps in development of economy.

  1. Continuous process

Business is not a single time activity. It is a continuous process of goods and services. A single transaction of trade cannot be termed as a business. A business should be traded on daily basis and conducted regularly in order to grow and gain maximum return. Economic activity

Business is an economic activity of production and distribution of goods and services. It provides employment opportunities in different sectors like banking, insurance, transport, industries, trade etc. it is an economic activity corned with creation of utilities for the satisfaction of human wants.

 

Importance of Business

 

Concept of business : Meaning, Definitions, Features or characteristics, and Importance

  1. It provides employment opportunity.

Business refers to those institutions which help in production and distribution of goods and services. It provides employment opportunity in different sectors like trade, industries, banking and sales and production sector.

 

  1. Income generation

Businesses are those institutions which deals in regular basis and also helps in generation of income. It is an economic activity concerned with creation of utilities for satisfaction of human wants and develops economy.

 

  1. Supply of goods and services.

Business refers to those organizations which deals in goods and services on daily basis and this process occurred for long time. Also develop economy and satisfy human.

  1. Social development

Business helps in social development by production of several goods with continuous process and also satisfies human which helps in development. It also provides employment opportunities to public

 

So we have studied Concept of business : Meaning, Definitions, Features or characteristics, and Importance and if you have any query please let us know in the comments section below

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