Explain the features/characteristics of the term business. - Vidyadip

Question

Explain the features/characteristics of the term business.

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Answer

Characteristics of the term business are the following:

It is a day-to-day economic activity of the enterprise.
It deals with exchange, sale, transfer of goods and/ or services in the enterprises with various types of people.
Exchange of goods, sale or transfer of goods and services can be cash basis or it can be credit basis.
There is regularity in dealings means daily, weekly, monthly, quarterly, six monthly etc.
The main motive of every business dealings are with profit motive.
Every business has an element of risk.
Business deals with creation of utility.
To be business the activity should be capable of consumer satisfaction.

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