Functions of Business The following are the major functions of the business. Functions of Business 1. Production of Goods and Services: The production of goods and services is a regular function of the business. The goods must be produced at lowest cost and reasonable quantity to satisfy the demand of the customer 2. Management Function:…
Business Objectives Introduction: The objective of business means the purpose for which business is established. It is generally believed that the main objective of business is to make profit and avoid loss We do admit that profit is a motivating factor in any business activity but it is not the sole objective of any business….
Business and Profession Business: Business and Profession The word “business’ technically means “A state of being busy” In economic sense, business includes all those legal activities, which are undertaken for the purpose of earning profit. “Every human activity which is engaged in for the sake of earning profit may called business” Profession: A profession is…
Personal Qualities 12. Honesty: Personal Qualities This may be the most valuable characteristic of a successful businessman. All religious messengers have put greater importance over honesty and it is no less important for running a successful business (A businessman must be honest to his employees and to the customers if he expects his business to…
Qualities of a Good Businessman Qualities of a Good Businessman (Due to scientific and technological advancement, it is necessary that a good businessman should possess the basic skills and knowledge about his business)The success or failure of a business mostly depends on the person who runs it. A good businessman must have the following qualities…
Aids to Trade/Auxiliaries of Trade Aids to Trade/Auxiliaries of Trade The activities which facilitate in the buying and selling of goods and services are called aids to trade. The aids which are essential for the expansion of the trade are given bellow: Aids to Trade/Auxiliaries of Trade 1. Banking: Banking removes the hindrance of finance…
Aids to Trade Trade refers to sale, transfer, or exchange of goods and services for a certain price. The persons who are engaged in trade are called traders or middlemen. There are two main types of trade (A) Home trade (B) Foreign trade A) Home Trade/Domestic Trade/National Trade: EntrepotTrade When the buying and selling of…
Commerce | All you need about it Commerce refers to all those economic activities which help in the exchange of goods from the place of production to the final consumers. These activities include trade and factors which facilitate trade like banking, insurance, transportation, communication, packing, advertising etc. The term commerce has been defined by the…
Types of Industry A) Primary Industry: Primary industry includes those industries which are concerned with extraction, producing, and processing of natural resources. For example, the mining of iron-ore or gold is a primary industry Primary industry can be divided into two types Types of Industry 1. Extractive Industry: (Extractive industries include those industries which are…
Division/Scope/Components of Business Scope of business means the boundaries or limits of business. It means what activities should be included in the business and what should not Business covers the activities like industry and commerce which facilitate the production, exchange, and distribution the goods and services to the ultimate consumers. In short business activities are…
