A BUSINESS IS EXPECTED TO PROVIDE THE MEANS OF LIVELIHOOD TO THE MEMBERS OF SOCIETY. THUS, A BUSINESS IS NOT ONLY A GOOD SOURCE OF SELF EMPLOYMENT FOR ITS OWNERS BUT ALSO OFFERS VARIETY OF JOBS TO OTHER PEOPLE LIKE AGENTS, TRANSPORTERS AND BANKERS ETC.
2=REGULAR TRANSACTIONS;
A BUSINESS INVOLVES A SERIES OF DEALINGS. A SINGLE TRANSACTION CANNOT BE CALLED BUSINESS. FOR INSTANCE, IF A STUDENT SELLS HIS BOOK TO SHOPKEEPER OR TO A STUDENT,IT IS NOT A BUSINESS.ON THE OTHER HAND IF HE REGULARLY PURCHASES AND SELLS BOOKS IN HIS SPARE TIME,THEN IT WILL BE CONSIDERED AS HIS BUSINESS.
3=CREATION OF UTILITY;
UTILITY IS AN ECONOMIC TERM.IT REFERS TO THAT CHARACTERISTIC OF A CERTAIN COMMODITY, WHICH CAN SATISFY ANY HUMAN NEED AND WANT. A BUSINESS CREATES UTILITY IN DIFFERENT GOODS AND SERVICES, WHICH DELIVER SATISFACTION TO ENTIRE SOCIETY.
4=TRANSACTIONS FOR A PRICE;
IN BUSINESS, GOODS AND SERVICES ARE PRODUCED OR EXCHANGED FOR SOME CONSIDERATION (PRICE). IF THERE IS NO SALE, TRANSFER OR EXCHANGED FOR PRICE, IT WILL NOT CONSTITUTE BUSINESS. BUT COOKING FOOD AND SELLING IT TO OTHERS FOR A PRICE BECOMES BUSINESS.
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