Learning with suman

BUSINESS:- 1. Buisness is a legally recognized organisation which provide goods or services to customers in exchange for money. eg - Tata motors , Infosys,  BHEL , Reliance etc. 2. Buisness is a commercial, industrial and professional activity undertaken by an individual or a group. eg- the purchase and sell of goods , providing services etc. 3. Buisness may refer to a particular area of economic activity,  such as the real estate business,  computer business,  poultry farming, telecommunications, shipping, tours and travels etc. Most buisness are privately owned and formed to earn profit. In other words,  the owner of business have one of their main objectives as the generation of financial returns in exchange for expending time, effort and capital. Importance of business in modern era:- Buisness, which one could refer to as economics,  is important to society because it fundamentally deals with the allocation of resources throughout the world.  These...

1.     ECONOMIC Activity : - Business is considered to be an economic activity because it is undertaken with the aim of earning money or livelihood.  2. Sale or exchange of goods or services :- Business involves transfer or exchange of goods and services for value addition . If goods are produced for self consumption and not for selling purpose , it can not be called a business activity . Cooking food at home for the family is not buisness , but cooking food and selling it to others in a restaurant is Business. Thus, one essential characteristic of business is that there should be sale or exchange of goods or services between the seller and buyer. 3. Production or procurement of goods and services:- Goods are offered to consumer after they are either produced or procured by business enterprises.  Thus , every business enterprise either manufactures the goods it deals in or it acquire them from other producers , to be further sold to consumer or users. 4. Regular dea...