Understanding the Market — Entrepreneurship STD 11 Commerce — Question

According to Peterson and Plowman: Business may be defined as an activity in which different persons exchange something of value, whether goods or services, for mutual gain or profit. business is an economic activity which involves production or processing and sale or exchange of goods and services at regular basis with an aim of earning profit. some fundamental characteristics of business can be noticed as:

1. An economic activity i.e. the aim of this activity is to earn money.
2. Dealing in either production, purchase, procurement of goods or renders service or both.
3. All the activities performed under business aims at satisfying human needs and wants.
4. To be called as business, an activity must be done on regular basis.
5. Profit earning is the primary goal of an business.
6. Risk, i.e., probability of incurring losses or earning inadequate profits, is inherent in all the businesses.