Understanding Business: Definitions, Features, and Objectives, Lecture notes of Business Ethics

Download Understanding Business: Definitions, Features, and Objectives and more Lecture notes Business Ethics in PDF only on Docsity! Business Definitions of Business The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human need & wants Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services)  Simply put, it is "any activity or enterprise entered into for profit.   3. Profit is the main objective The business is carried on with a motive to earn a profit. The profit is a reward for the services of a businessman. 4. Business skills for economic success Anyone cannot run a business. To be a good businessman, one needs to have good business qualities and skills. A businessman needs experience and skill to run a business. 5. Risks and Uncertainties Business is subject to risks and uncertainties.  Some risks, such as risks of loss due to fire and theft can be insured. There are also uncertainties, such as loss due to change in demand or fall in price cannot be insured and must be borne by the businessman.