Describe the features of business. Or, Discuss the importance of business. Discuss the ramification of business.

Discuss the characteristics of business. Or, Discuss the advantages of business. Or, Write about the branches of
Ans. Introduction: Business is an Ans. Introduction: Business is an business.
economic activity that combines the important economic activity which is Ans. Introduction: The scope of business
exchange, purchase, sale, or creation of concerned with production, distribution refers to usual to usual workspace of
goods and services to make a profit and and exchange of goods and services with a business. In modern competitive business
meet client needs. Business can be for- goal of earning profit by fulfilling the world, scope of business is very wide. It
profit or non-profit organizations to make unlimited wants and demands of human can be divided into three categories
money or achieve a social goal. beings. namely industry trade and direct services.
Features of business: The features of Importance of business: The importance of The production related functions are
business are discussed below: business is discussed below: performed through industry and
1. An economic activity: A business is an 1. Economic development: The role of distribution related functions are
economic activity that involves in business in economic development is performed through commerce.
purchase and selling of commodities or the significant. Business creating jobs by Ramification/cope of business: The
provision of services to generate revenue. utilizing individuals, money, resources, ramification/ scope of business are
It is not concerned with the attainment of procedures, and machinery. The exchange discussed below :
social or emotional goals, rather it focus onof goods and services on a national and 1. Industry: Industries include the
profit and investment. international scale is referred to as extraction of natural resources such as
2. Manufacturing goods and services: Raw commerce. It also helps with the earning ofcoal, oil, and minerals, as well as the
material is turned into final goods by the foreign currency by exporting. Therefore, reproduction and development of living
business enterprise. Organizations also a business contributes to economic organisms such as plants and animals. The
purchase finished goods and services from development. industry is the means through which goods
producers to fulfill the demands of market 2. Utilizing natural resources: Natural are produced. It is further divided into the
clients. Consumer products such as sugar, resources are diverse in every country. The following main categories:
pens, and ghee are examples of goods. focus of business must be on effective and a. Extractive industry: The extractive
Machinery, equipment, and services such efficient use of resources. A business make industry refers to the industrial endeavors
as transportation and banking are examples sure proper use of resources such as water, that include acquiring or extracting
of capital goods. minerals, and ores to reach its objectives. resources from the ground, water, or air.
3. Exchange or sale of products and However, resources must be utilized Mineral extraction and fish harvesting are
services: To earn value, every business without being exploited. examples of such industry.
transaction involves the exchange of goods 3. Creation of utility: Business creates b. Manufacturing industries: The
or services. Business activity does not place and time utility. It helps to fulfill the manufacturing industry refers to attempt to
include the production of commodities for needs of human beings and also produce goods from raw materials or semi-
personal use. As a result, a sale or maximized. Financial utility of business. made or half-made items that are
exchange of products or services should, In order to meet the endless needs of appropriate for human use. For instance,
occur between the seller and the consumer. people, business enhances various kinds of the steel industry, the weaving business,
4. Dealings with products and services: utility through profitable use of given and so on.
Every company that provides services or resources. c. Genetic industry: The genetic industry is
products have to deal on a daily basis. 4. Employment By the progress of trade one in which the generated goods are
One-time purchase or sale is not regarded and industry huge employment utilized in the creation or production
as business activity. When it comes to opportunities have been created. It offers process again. For instance, a hatchery, a
business, transactions are repeated or different managerial and technical nursery, poultry, and many more.
carried out on a continual basis. positions. Many other types of business, d. Constructive industry: The constructive
5. Expectation of profit: Business is such as hotels, factories, and transportation industry refers to the industrial operations
defined as endeavor to make a profit by companies, create employments to reduce that result in the construction of roads,
purchasing at a lower price or formed to help unemployment crisis. highways, bridges, embankments,
manufacturing at a lower cost and selling 5. Development of country: Industry buildings, and structures.
at a higher price. It is not business when development aids in the utilization of e. Assembling industry: The assembling
someone buys or makes something for natural resources, the creation of time and industry is the industry that produces new
personal use. So one of the most important place utility, the provision of employment materials by assembling materials or parts
aspects of business is the expectation of possibilities, revenue generation, and generated by other industries. Automobile
profit. obtaining foreign currency. All of these manufacturing, mobile phone
6. Risk and uncertainty: The probability of aspects contribute to economic manufacturing, engine manufacturing, and
making profit or a loss is quite unclear, development of the country. Economic so on are examples of such industries.
which cannot predict. The possibility of development is the most important factor f. Service industry: The service business is
financial loss is referred to as risk. for the overall development. the industry that is responsible for making
Business is deeply connected with risk and 6. Revenue generation: Business is the life easier and more comfortable.
uncertainty. Risk cannot be eliminate. A source of income generation. It pays taxes, Electricity, gas, telephone, and tourism
businessperson must accept the risk of royalties, fees, custom duties, and other companies are examples of such business.
losing money in the hopes of achieving a duties which help to generate government 2. Trade: The acting of purchasing and
profit. Profit is also considered as the revenue and improve economy of a selling goods, inclusive of services, with
reward for taking a risk. country. the goal of making profit is called trade or
exchange of goods. According to nature 7. Earning foreign currency: It is the 7. Legal validity: Legal validity means any
trade is divided into two more categories: source of earning foreign currency. work not being illegal according to law.
a. Home trade: The buying and selling Business can earn foreign currency The business has to be legitimate as it is a
activities that take place within the through exporting goods and services to legal profession. A business cannot be
geographical area of a country are called different countries around the world. called a business if there is any type of
home trade. 8. Provide investment opportunities: illegal or unlawful purpose seen. So a
b. Foreign trade: The buying and selling Business organizations not only help legitimate business should be formed
activities that take place between two people to acquire additional wealth by legally and lawfully.
countries or entrepreneurs of two countries investing money and resources, but also 8. Free occupation : Free occupation
are called foreign trade. create new investment opportunities profit means such a profession in which the
3. Direct service: In case of distribution of earned by investors as a consequence of owner can administer all the activities by
commodities, different factors create successful business operation helps to making choice himself without working
obstacle in proper functioning of ensure a larger quantity of funds that may under anyone else. Business is regarded as
purchasing and selling activities including be saved for retirement or the start-up of a an independent profession or means of
financial, risk, space, time and promotion new business in the future. livelihood. A businessman runs and
related barriers. In removing these barriers 9. International relation: Business enhance organizes a business according to his own
bank, transportation, warehousing and the growth of national and international decision and spirit..
advertising service becomes necessary. relationships. It helps in maintaining Conclusion: Finally, we can say that,
These are the services which are also peaceful relation between nations and also above features combined together to create
called auxiliaries to trade. improved diplomatic relations between the a business. A legitimate business will have
Conclusion: From the above discussion it countries. Import and export are the major all of these characteristics, which makes
can be said that, the ramification of foundations for international relationship. business a unique economic activity
business are many. A business is 10. Improve living standard: Business
performed from production to distribution increases the income opportunities of
as a whole and these areas help a business people and also increases economic Define business.
to function properly and successfully. The growth of the country. On the other hand, What do you mean by business?
ramification of business plays a vital role it creates opportunities to enjoy different Ans. Introduction: A business (or firm) is a
in creating employment and contributing new things so that the living standard of company that sells products or services
to the economy of a country. people is improved. that customers want. The term 'business' is
Conclusion: From the above discussion it a broad, all-encompassing term that can
can be said that, business being an refer to a wide range of business.
important economic activity impacts on Businesses are responsible for the majority
our day to day life in various ways. As it of job possibilities and the products that
plays a vital role in creating job consumers enjoy.
opportunities, fulfilling wants and Business: Business refers to a form of
improving economic condition of a activity conducted with an objective of
country, we can say the role of business is earning profits for the benefit of those on
indeed very important. whose behalf the activity is conducted.
Proven definition:
According to B. O. Wheeler, "Business is
an institution that organized and operated
to provide goods and services to society
under the incentive of private gain."
According to Arthur M. Weimer, "Business
is that complex field of commerce and
industry in which goods and services are
created and distributed in the hope of
profit with in a framework of laws and
regulations."
According to Buskirk Green & Rodgers,
"Business is a system created to satisfy
society in needs and desires."
Conclusion: Finally it can be said that, a
business is made up of all profit-seeking
activities and businesses that supply
commodities and services are required by
an economic system.