Concept and characteristics of business

Concept and characteristics of business: Business may be defined as an
economic activity involving the production and sale of goods and services
undertaken with the motive of earning profit by satisfying human needs in
society. It’s distinguished characteristics are: (i) an economic activity,
(ii) production or procurement of goods and services, (iii) sale or exchange
of goods and services for the satisfaction of human needs, (iv) dealings in
goods and services on a regular basis, (v) profit earning, (vi) uncertainty of
return, and (vii) element of risk