Corporation and Business
BUSINESS
Literally, the word “business” means the state of being busy. Generally, the term business includes all human activities concerned with earning money. In other words, business is an activity in which various persons regularly produce or exchange goods and services for mutual gain or profit. The goods and services produced or purchased for personal use are not included in “business”.
Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants. It is any particular occupation or employment engaged in for livelihood or gain, as agriculture, trade, art, or a profession.
Definitions
Stephenson defines business as, "The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants."
According to Dicksee, "Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted."
Lewis Henry defines business as, "Human activity directed towards producing or acquiring wealth through buying and selling of goods."
Thus, the term business means continuous production and distribution of goods and services with the aim of earning profits under uncertain market conditions.
Features of Business
1. Exchange of goods and services
All business activities are directly or indirectly concerned with the exchange of goods or services for money or money's worth.
2. Deals in numerous transactions
In business, the exchange of goods and services is a regular feature. A businessman regularly deals in a number of transactions and not just one or two transactions.
3. Profit is the main Objective
The business is carried on with the intention of earning a profit. The profit is a reward for the services of a businessman. 4. Business skills for economic success
Anyone cannot run a
Literally, the word “business” means the state of being busy. Generally, the term business includes all human activities concerned with earning money. In other words, business is an activity in which various persons regularly produce or exchange goods and services for mutual gain or profit. The goods and services produced or purchased for personal use are not included in “business”.
Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants. It is any particular occupation or employment engaged in for livelihood or gain, as agriculture, trade, art, or a profession.
Definitions
Stephenson defines business as, "The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants."
According to Dicksee, "Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted."
Lewis Henry defines business as, "Human activity directed towards producing or acquiring wealth through buying and selling of goods."
Thus, the term business means continuous production and distribution of goods and services with the aim of earning profits under uncertain market conditions.
Features of Business
1. Exchange of goods and services
All business activities are directly or indirectly concerned with the exchange of goods or services for money or money's worth.
2. Deals in numerous transactions
In business, the exchange of goods and services is a regular feature. A businessman regularly deals in a number of transactions and not just one or two transactions.
3. Profit is the main Objective
The business is carried on with the intention of earning a profit. The profit is a reward for the services of a businessman. 4. Business skills for economic success
Anyone cannot run a