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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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.
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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.....

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