";s:4:"text";s:3412:" Business environment is an important integral part of every business. The above mentioned characteristics are common to all business enterprises irrespective of their nature, size and form of ownership. Goods may be consumer goods or producer goods. Through such regulations, it regulates the working of the business units in national and international markets to restrict unfair and unethical trade practices. The goods may be consumer goods like bread, butter, milk, tea, etc. Services are those intangible and invisible goods supplied by business concerns which cannot be stored by the consumer. 3. For example, wheat is produced in large quantities in Punjab and Haryana. There is a need for clear definition of roles and responsibilities of various people. Also, business does not include goods used for personal consumption by a businessman. Business enterprises function in uncertain and uncontrollable environment. Yet it is basically business that has to adopt itself to its external environment. Earning of profit is also required to grow and expand the business. Though business aims at profits, losses are quite possible and common. Share Your Word File
Business must earn profit by serving the society. Profit is also essential for the growth and expansion of business. 7. Service motive – No business can succeed if there is no attitude of social service. The goods or services may either be for consumption by consumers or for use in manufacture by producers. What do you understand by the term Business? On the other hand, when goods exchanged for some other goods is called Barter Exchange. Sale or Exchange of Goods and Services for the Satisfaction of Human Needs: One essential characteristic of business is that there should be sale or exchange of goods or services between the seller and the buyer, directly or indirectly.
Therefore your business must have the ability to adapt to these conditions. Isolated transactions such as sale of house do not constitute business. A business unit frames its plans and policies depending upon the information on market conditions, consumers’ tastes and preferences, government policies etc., gathered through various sources of information such as market surveys, internet, newspaper and journals. For example, Rajesh is doing a wholesale business of artificial plants in Delhi. Regularity in dealings – Business includes the exchange of goods and services which have regularity and continuity. In other words, profit is essential for survival and development. Another way to prevent getting this page in the future is to use Privacy Pass. To get maximum profit revenue of business should be maximized.