Explain the characteristics of business. | Class 11 Business Studies Chapter Business, Trade and Commerce, Business, Trade and Commerce NCERT Solutions

Question:

Explain the characteristics of business.

Answer:

The primary characteristics of a business are:

Economic Activity: It involves production and distribution of goods and services for profit.
Production or Procurement: Businesses produce goods or procure them for resale.
Profit Earning: Profit is a fundamental goal for survival and growth.
Risk and Uncertainty: Businesses face potential losses due to unforeseen circumstances.
Continuous Process: Business activities are ongoing to ensure consistent income generation.
Customer Satisfaction: Fulfilling customer needs is crucial for success.

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What is a Public Sector Enterprise?

1. A government company is any company in which the paid up capital held by the government is not less than
(a) 49 per cent (b) 51 per cent
(c) 50 per cent (d) 25 per cent

2. Centralised control in MNC’s implies control exercised by
(a) Branches (b) Subsidiaries
(c) Headquarters (d) Parliament

3. PSE’s are organisations owned by
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(c) Foreign Companies (d) Private entrepreneurs

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Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

Read the question carefully and focus on the core concept being asked.
Reference examples and data from the chapter when answering questions about Business, Trade and Commerce.
Review previous year question papers to get an idea of how such questions may be framed in exams.
Practice answering questions within the time limit to improve your speed and accuracy.
Discuss your answers with your teachers or peers to get feedback and improve your understanding.

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Welcome to the NCERT Solutions for Class 11 Business Studies - Chapter . This page offers a step-by-step solution to the specific question from Extra Questions, Question 4: Explain the characteristics of business.....

Explain the characteristics of business. | Class 11 Business Studies Chapter Business, Trade and Commerce, Business, Trade and Commerce NCERT Solutions

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