Advertisement Remove all ads

State the meaning of business. - Business Studies

One Line Answer

State the meaning of business.

Advertisement Remove all ads

Solution

The term ‘business’ has been derived from the word ‘busy’, which means ‘engaged in an activity’. A person who is engaged in business trades goods or services for a profit, which is the sole motive of conducting business. In the pursuit of earning a profit, a businessperson aims to produce goods and services that are in demand. This is because it is economically prudent to produce such goods and services as they ensure higher profits. Thus, a business fulfills the need of the businessperson to earn a living while simultaneously fulfilling the needs of the consumers.

  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

NCERT Ncert Class 11 Business Studies
Chapter 1 Business, Trade and Commerce
Short Answer Questions | Q 8 | Page 26
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×