Business
Definition It is an ongoing process of making profits by meeting consumer's demands through the manufacture of products, reselling products, offering services or combining all three. It is a job that requires specific capabilities and knowledge to get the most profit from it. Following activities cannot be regarded as a business Making food and dispersing it to orphanages; The sale of drugs; A mother can teach her child. Content: Business Nature Types Importance Conclusion Nature of Business The word "business" is derived from the word "busyness that is i.e. engaging oneself in either one or another task but it's so more than just being busy. To get a better idea of what business is it is necessary to go through these points: Regular Process It is a process that is repeated to earn money. Economic Activity The main goal is to maximize wealth. Creates utility The product or service should be of such that it generates form utility, which is the conver...