What is a business? What is …

Business is an economic activity carried on by a few or more individuals to produce, buy or sell goods and services that satisfy human needs and help in earning income. An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors. A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product. Once a concept is developed, it is incorporated into a business plan. Business characteristics are:-- 1. Business is an economic activity 2. objective of earning money 3. production or procurement of goods and services 4. Sale or exchange of goods and services for the satisfaction of human needs 5. Dealing in goods and services on a regular basis 6. Earn profits 7. Uncertainty of return 8. Element of risk.