Business Organization


Concept of Business ‡ being busy ‡ to earn income through ‡ production or purchase and sale of goods and services ‡ to satisfy the needs of other people .

Definition ‡ According to B. Business is an institution organized and operated to provide goods and services to society under the incentive of private gain.O. Wheeler. .

Characteristics of business ‡ ‡ ‡ ‡ ‡ ‡ ‡ Economic activity Production and/or exchange Dealing in goods and services Regularity and continuity in dealings Profit motive Uncertainty of profit or return Creation of utility .

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