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Question
Business is a ________ activity.
Options
Socio-economic
Service
Charitable
Non-profit
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Solution
Business is a socio-economic activity.
Explanation:
The primary objective of any business enterprise is profit maximization. Profit acts as a measure of success. However, it is argued that business enterprises are not just profit-making entities. They also fulfill the duties and responsibilities towards society, as their members carry out activities that are favorable to the society. Thus, business activity has economic as well as social goals. Therefore, it is regarded as a socio-economic activity.
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