, 1. NATURE AND PURPOSE OF BUSINESS
What is Business?
A business is an organization that produces
goods or provides services to earn a profit.
Characteristics of Business
✔ Profit-making: The main goal is to earn money.
✔ Risk & Uncertainty: Businesses face competition and losses
✔ Customer Satisfaction: Businesses provide goods/services people need.
✔ Regular Activity: A one-time sale is not a business.
Objectives of Business
Economic Objectives – Earning profits, growth, efficiency.
Social Objectives – Providing quality products, fair prices.
Human Objectives – Employee welfare, fair wages.
National Objectives – Paying taxes, economic development.
What is Business?
A business is an organization that produces
goods or provides services to earn a profit.
Characteristics of Business
✔ Profit-making: The main goal is to earn money.
✔ Risk & Uncertainty: Businesses face competition and losses
✔ Customer Satisfaction: Businesses provide goods/services people need.
✔ Regular Activity: A one-time sale is not a business.
Objectives of Business
Economic Objectives – Earning profits, growth, efficiency.
Social Objectives – Providing quality products, fair prices.
Human Objectives – Employee welfare, fair wages.
National Objectives – Paying taxes, economic development.
