explain the nature of business activity

H ence, if the business owners want to formulate and establish valid decision rules for thei r bus iness, they must 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. What is business, what is the nature of business & what are characteristics of business? Find an answer to your question explain nature of business as an economic activity 1. The basic activity of any business is trading.

  • A decision-making organization involved in the process of using inputs to produce good and/or provide services. Section 1.1 The Nature of Business Activity Unit 1. It is a business term, used in business. Nature of work means, what work is to be done in the business. It provides... 2. Good… Nature of business will be influ enced by the business environment. Ask your question. Join now. Entrepreneurship is an innovative activity, through which creative ideas may be … 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 […] Business denotes busi-ness, that is the state of being busy – any activity in which one keeps himself busy. A business is an organization that strives for a profit by providing goods and services desired by its customers. ; Increase added value: Value added is the difference between the price and material costs of a product. 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. Log in. 1.
  • Peter Drucker: the only purpose of a business is to create customers. Buying and Selling: It is a very simple meaning. If you continue browsing the site, you agree to the use of cookies on this website. The business involves buying of raw material,... 3. sumitdeys sumitdeys 20.07.2019 Business Studies Secondary School +5 pts. Answered Explain nature of business as an economic activity 1 An industry may produce consumer goods or capital goods. I would like to make you understand in a more simple way. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. The product formed by an industry is either used by the vital consumers or again by the industry. Section 1.1 The Nature of Business Activity Unit 1 Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 1. Business is an economic activity of production and distribution of goods and services. An economic activity: Business in considered as an economic activity because it is undertaken with the objective of earning money. Join now. … E.g. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. Ability to Innovate. Business activities are any events that are undertaken by a corporation for the purpose of earning a profit. Top 10 Important Nature/Characteristics of Business 1. 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. Goods are tangible items manufactured by businesses, such as … What is a business? Essentially, the main focus for what a company does in a particular sector or industry is known as that company’s nature of business. ; Economic Function: The crucial second marketing objective is to earn a profit. To develop a better understanding of the marketing practices, let us know about its nature: Managerial Function: Marketing is all about successfully managing the product, place, price and promotion of business to generate revenue.

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