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Characteristics Nature of Business (6.Goods & Services (two types;…
Characteristics Nature of Business
1. Economic Activities
Economic activities
related to
person &
exchange of goods
&services form
part business.
activities undertaken
with object
earning money.
2. Creation of Utilities
Business activities
make product
usable by
creating form
through industry,
place through
transport &
time through
warehousing
3. Regular Dealings
Business includes
only activities
which are
regular in
nature.
An isolated
transactions
called business transactions.
4. Exchange of goods & services
sale,transfer
or exchange of
goods & services
must for
business.
goods purchased
by retailer,
will be
considered as
business activity
for sale
on profit.
Profit Motive
hope of
earning money
inspires people
start business.
any activity
without object
earning profit
not business
activity.
6.Goods & Services
two types;
(ii) Producer Goods
(i) Consumer Goods
In business
deal with
goods/services.
services provided
to overcome
hidrances arise
between sending
goods from
producers to
users.
e.g
.
insurance,
transport,
warehousing etc.
banking,