A business is an organization or entity engaged in commercial, industrial, or professional activities with the primary goal of generating profit. It involves the production, sale, or exchange of goods and services to meet the needs and wants of customers. Businesses can vary in size, structure, and ownership, ranging from sole traders and partnerships to corporations and cooperatives
| Features of a Business | Popular Business Models |
|---|---|
| Profit motive | Joint venture |
| Goods and services production | Franchise |
| Customer orientation | Strategic alliance |
| Risk and uncertainty | Subscription |
| Continuous activity | E-commerce (B2B, B2C, C2C, C2B, etc.) |
| Economic activity | Direct sales |
| Organization and structure | Freemium |
| Legal entity | Marketplace |
| Resource utilization | Agency |
| Dynamic and adaptable | Licensing |
| Rental |
Multiple Choice Questions
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Question 1: What is the primary goal of a business?
Providing employment
B)Generating profit
C) Creating social value
D) Ensuring customer satisfaction
Explanation: primary goal of a business is Generating profit.
Which of the following best describes the production aspect of a business?
A) Selling products at a discount
B) Creating goods or services to meet customer needs
C) Conducting market research
D) Managing financial records
Explanation: "Creating goods or services to meet customer needs" describes the production aspect of a business .
Question 3: What does customer orientation in a business imply?
A) Focusing on competitors
B) Prioritizing shareholders
C) Meeting the needs and wants of customers
D) Minimizing production costs
Explanation: Jupiter is the largest planet in our solar system.
Question 4: Why is a business considered an economic activity?
A) It involves social welfare activities
B) It operates under legal regulations
C) It involves production and exchange of goods and services for monetary gain
D) It creates job opportunities
Explanation: A business considered an economic activity as it involves production and exchange of goods and services for monetary gain.
Question 5: What does it mean for a business to be dynamic and adaptable?
A) Sticking to traditional methods regardless of market changes
B) Responding flexibly to changing market conditions
C) Avoiding any kind of change in operations
D) Focusing only on short-term goals
Explanation: Responding flexibly to changing market conditions.
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Related Links
- What is a business
- Types of business entities
- Sole trader
- Partnership
- Public limited company
- SWOT analysis
- Mission statement
- Vision statement
- Aims, Objectives, and Strategies
- Ethical objectives
- STEEPLE analysis
- Stakeholders
- Business Growth
- External business growth
- Economies of Scale
- Mergers and takeovers
- Joint venture
- Franchise
- Multinational Companies (MNCs)
- Worksheets
- YouTube videos
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