Business Environment and Law-Business And Its Environment
Business And Its Environment
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The term business is understood and explained in different ways by different people.
Business And Its Environment
Definition Of Business
The term business is understood and explained in different ways by different people. For some, business is an activity, for some it is a method of transacting, for some others, it is a method of money making and some people argue that business is an organized activity to achieve certain pre-determined goals or objectives. Dictionary meaning of business is: the act of buying and selling of goods and services, commerce and trade. Based on all these meanings of business, we may define business as: gainful activity through which various elements of society conduct exchanges of the desirable things.
Nature Of Business
Business may be understood as the organized efforts of enterprise to supply consumers with goods and services for a profit. Businesses vary in size, as measured by the number of employees or by sales volume. But, all businesses share the same purpose to earn profits.
The purpose of business goes beyond earning profit. There are:
- It is an important institution in society.
- Be it for the supply of goods and services
- Creation of job opportunities
- Offer of better quality of life
- Contributing to the economic growth of the country.
Hence, it is understood that the role of business is crucial. Society cannot do without business. It needs no emphasis that business needs society as much.
Tags : Business Environment and Law-Business And Its Environment
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