The … Nature of work means, what work is to be done in the business. Find an answer to your question explain nature of business as an economic activity 1. ; Human Activity: It satisfies the never-ending needs and desires of human beings. It is a business term, used in business. Nature of business will be influ enced by the business environment. 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. Business activity exists to produce goods or services, which can be classifi ed in several ways: consumer goods, consumer services and capital goods. ●Land– this general term not only includes land itself but all of the renewable and non-renewable resources of nature, such as coal, crude oil and timber. … Business denotes busi-ness, that is the state of being busy – any activity in which one keeps himself busy. 1. What is business, what is the nature of business & what are characteristics of business? Ask your question. It provides... 2. 2. Answered Explain nature of business as an economic activity 1 ; Economic Function: The crucial second marketing objective is to earn a profit. ; Increase added value: Value added is the difference between the price and material costs of a product. 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. H ence, if the business owners want to formulate and establish valid decision rules for thei r bus iness, they must Profit: Profit is what keeps a company going and is the main aim of most businesses. What is Business. Ask your question. 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. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. Goods are tangible items manufactured by businesses, such as … E.g. Economic activity: The basic activity of any business is trading. Log in. Join now.
  • A decision-making organization involved in the process of using inputs to produce good and/or provide services. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. The business involves buying of raw material,... 3. The sectorwhere raw material gets converted into useful products is called 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. Buying and Selling:
  • Businesses exist to satisfy the needs and wants of people, organizations, and governments. Following business components play an important role in the scope of business: Industry. Business is an economic activity of production and distribution of goods and services. Join now. Concept of Business: – Business refers to those economic activities involving the purchase production and / or sale of goods and services with a motive of earning profit by satisfying human needs in society.. Characteristics of Business:. What is a business? The word “Industry” refers to the business activities which are linked with the extraction and production or manufacturing of products. A business is an organization that strives for a profit by providing goods and services desired by its customers. An economic activity: Business in considered as an economic activity because it is undertaken with the objective of earning money. Essentially, the main focus for what a company does in a particular sector or industry is known as that company’s nature of business. An industry may produce consumer goods or capital goods. Log in. If you continue browsing the site, you agree to the use of cookies on this website. 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. Good… Top 10 Important Nature/Characteristics of Business 1. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. 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 […] 1. Ability to Innovate. Entrepreneurship is an innovative activity, through which creative ideas may be … Business activities are any events that are undertaken by a corporation for the purpose of earning a profit.