An economic activity is a process that, based on inputs, leads to the manufacture of a good or the provision of a service. Business is considered to be an economic activity because it is undertaken with the aim of earning money or livelihood and not because of any sentimental reason like love, affection or sympathy. Business is considered an economic activity because it is concerned with production, purchase, sale or distribution of goods and Services with an aim of earning profit.

A business is a part of society. So, a business enterprise should do business and earn money in ways that fulfill the aspirations of the society. Thus social responsibility relates to the voluntary efforts on the part of the businessmen to contribute to the social well being. The businessmen make use of resources of society and earn money from the members of society so they must do something for the society.

A memorandum is a written statement or record, especially one circulated for the attention of colleagues at work. It relates to a note of something to be remembered. The word memorandum came from the Latin word 'memorare' which means to remember. In law, a memorandum means a document recording terms of contract. Memos have a twofold purpose: they bring attention to problems and they solve problems. They accomplish their goals by informing the reader about new information like policy changes, price increases, or by persuading the reader to take an action, such as attend a meeting, or change a current production procedure.

Business means dealing with risks. Risks can cause lower profit, no profit and even loss. Therefore, the start of a business needs careful planning to ensure success and longevity. Important factors for consideration for starting a business are as follows:
1. Selection of line of business: The first thing to be decided by any entrepreneur of a new business is the nature and type of business to be undertaken. He will obviously like to enter that branch of industry and commerce, which has the possibility of greater amount of profit. The decision will also be influenced by the customers' requirement in the market and also the kind of technical knowledge and interest the entrepreneur has for producing a particular product.

2. Size of the firm: Size of the firm or scale of its operation is another important decision to be taken at the start of the business. Some factors favour the large size whereas others tend to restrict the scale of operation. If the entrepreneur is confident that the demand of the proposed product is likely to be good over time and he can arrange the necessary capital for business, he will start the operation on a large scale. If the market conditions are uncertain and risks are high, a small size business would be a better choice.

3. Choice of form of ownership: In relation of ownership, the business origination may take the form of a sole proprietorship, partnership, or a joint stock company. Each form has its own merits and demerits. The choice of the suitable form of ownership will depend on such factors as the line of business, capital requirements, liability of ownership, division of profit, legal formalities, continuity of business, transferability of interest and so on.

4. Location of business enterprise: An important factor to be considered at the start of the business is the place where the enterprise will be located. Availability of raw materials and labour, power supply and services like banking, transportation, communication, warehousing etc. are important factors while making this choice.

Activities undertaken by human being to fulfill their daily needs and requirement can be differentiated form selling of vegetables to making a rocket or teaching in a school to developing artificial intelligence and robotics. All these activities come under the category of economic activities.

All the activities which are undertaken to earn some financial benefit can be considered to be done to fulfill their needs. Human beings also so much hard work to increase their benefits as their income is not sufficient to fulfill their all wants and desires.

Profession : Includes those activities which require special knowledge and skill to be applied by individuals in their occupation. Those engaged in Professions are knows as professional and earn their income in the form of professional fee.
Employment: It refers to the occupation in which people work for others and get remunerated in return. Those who are employed by others are known as employees and get their income in the form of wages or salaries as per their service agreement.

In general terms, the public sector consists of governments and all publicly controlled or publicly funded agencies, enterprises, and other entities that deliver public programs, goods, or services. The efficiency and effectiveness are key features of a good governance, with the public sector being responsible for finding ways to make the best use of resources (human, material, financial, etc.) to ensure the population needs coverage, in the best conditions.

Business is considered an economic activity because it is concerned with production, purchase, sale or distribution of goods and Services with an aim of earning profit. An example of activity which is economic in one side and non-economic on other side is teaching. When a teacher teaches in a school, it's an economic activity and when a teacher teaches to his children, it's a non-economic activity.

A co-operative society can be formed by alteast 10 adult members. The members willing to form a society must have common bond among them. ... The basic idea is that all the persons intending to form a society should have some common objectives to achieve. 

Documents for Registration

1. A certified copy of the Resolution passed at the first meeting of the group with the Province Cooperative Officer (PCO).
2. Feasibility study report on how the Society operates.
3. Four copies of proposed by-laws of the Society.
4. Letter of intent (to join the society) from prospective members.

Such of those persons, who wish to form a Co-operative Society, should send an application to the Assistant Registrar of the area on a prescribed proforma i.e Form I alongwith the proposed byelaws, indicating the type of the society they want to form, number of persons likely to be enrolled as its members, and the name and address of the persons authorized to function as chief promoters and to attend to organisational matters. This application should be signed by bnot less than 10 persons or by such number of persons as per instructions issued by the Registrar, Co-operative Societies from time to time.

Business risk refers to the uncertainties that leads to unprecedented profits or losses.

The causes may be as follows:

• Natural Calamity: Natural calamities like flood, earthquake, famine cannot be controlled. Such calamities result in a great loss of property and resources.
• Economic Causes: These include change in the demand or supply, change in prices, competition, change in technology etc. Rise in lending interest, taxes etc are financial problems which are also considered in these.
• Internal causes: These include dishonesty, negligence and absenteeism of employees, internal conflict, inefficient management, strikes and riots etc. 
• Other causes: These may include fluctuations in exchange rates, political disturbances or any such unforeseen events.

Objectives of Business: The objective of business means the purpose for which a business is established and carried on. Proper selection of objectives is essential for the success of a business.
The businessmen always have multiple objectives. All objective may be classified into two broad categories. These are (1) Economic objectives and (2) Social Objectives

The life insurance provides dual benefits, it provides security to the beneficiary of the insured and also acts as an instrument of long term savings. Such policies are known as money back or endowment policies.

In return of regular payment of premium amount, the insurance company, protects the insured, for a specified period of time. That is, incase of death of insured, the insurance company will pay a lump sum amount (already agreed at the time of contract) to the nominee/ beneficiary of the insured.

Business Entity Concept: The concept of business entity says that a business is a separate entity from its owners. Therefore, for the objective of accounting, the firm and its owners are considered as 2 distinct persons. Hence, when an owner brings in capital into the firm, it is considered as a liability of the business.

Human activities can be classified as Economic and Non-Economic Activities.

• An economic activity involves the production, distribution and consumption of all goods and services.
• A non economic activity in done with no intention of earning a profit or any money.

Mr Sonu sold his washing machine & refrigerator on Quikr as he was shifting base to London. Is this a business activity?

Answer No, It is not considered as business. Business involves dealings in goods or services on a regular basis. One single transaction of sale or purchase, therefore, does not constitute business.

A statutory corporation or a public corporation is a body corporate set up under a special act of the Parliament or of the State Legislature. It is known as a statutory corporation because it is created by a statute. The statute defines its objects, powers and functions. It is an autonomous body fully financed by the government. Some examples of statutory corporation are Air India, Life Insurance Corporation of India, Employees State Insurance Corporation, etc.
The important features of a statutory corporations are as follows:

(i) Financial Autonomy They are financed by borrowings from the government or from public through revenue generated by sale of goods and services.
(ii) Accounting and Audit Control They are free from government accounting and audit control and are also not financed through government treasury.