Concep and Meaning of Business

 
     Simply business mean the economic activities done for getting benefit by human beings. We can see different activities from very small tea-shops to heavy industry and businesses. We con also can see our relatives, neighbors, friends and so on engaged in one or the other economic activities for their livelihood. they do so to get benefit in return of taking risk of investigation of their capital. So business is an economic activities conduct by humans for getting profits.

      The literal meaning of the word business is state of being busy. However, all kinds of busy-ness  cannot be called as business. To be called business, their must be a busy activities having purpose of getting profit by taking risk of investment of capital. In fact, the meaning of the word 'business' is specially related to the activities of the production of goods and services or exchanges ( buying and selling) of them, and such activities must have continuity and regularity. Hence, the element such as profit, risk, and continuity have close link with the word 'business'. To make make a clear concept of the word 'business' it would be better to study the definition  by some scholars as follows:

Feature of Non-economic Activities

 The main feature of non-economic activities are as follows:

1. Service Motive:Service Motive is the basic feature of non-economic activities. It is not done to make wealth. The main objective of non-economic activities is to provide services.

2. Personal Pleasure:Personal pleasure is another feature of non-economic activities. Getting pleasure is a great thing. Therefore non-economic activities are performer for personal satisfaction and mental peace.

3. Social organization: Man is a social animal. He has many responsibility towards the society. Non-economic activities help the society by providing various services. People of different section of society are benefited from activities.

 4. Non-measurement by Money:Non-economic activities cannot be measure in term of money. This activities are related to personal satisfaction, mental peace or social obligations.  

Non-economic Activities; Meaning and Features

   All the activities which are undertaken to satisfy human sentiments, such as religion, recreation, charity, patriotism, etc are non-economic activities. The main objective of such type of activities is to render service to other with out any regard of economic gain. Playing a game entertainment, praying to God for mental peace, nourishing a child by mother, service of wife and husband toward each other, etc. are the example of non-economic activities.

 
   Non-economic activities are neither relate to production, exchange, distribution, or consumption of wealth, nor they are conducted to satisfy human wants. Further this activities cannot be measure in the terms of money.
 

  

Type of Economic Activities

(a)Profession

      Various people are engage in different types of professions. All professions help to smooth running of the society. Their main elements are: (i) Theoretical knowledge, (ii) Practical experience, (iii) Social responsibility, and (iv) Representative organization.

(b) Employment   

  Employment is another aspect of economic activities. It is agreement between employees and employer. employees provide service of employment and in turn, employes pay remuneration to employees for their service.

(c) Business

     Business is the most important branch of economic activities. It is way of earning livelihood by earning money. Production and exchange of goods and services, economic motive, creation of utility, measurement by money, satisfaction of wants etc. are the main feature of business.

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Feature of Economic Activities

  The following are the main features of economic activities:

1.   1.   Economic Activities: Economic motive is the basic feature of economic activities. Economic are always concerned with creating wealth and making profit. So the main objective of economic activities is to create wealth.

2.   2.   Creation of Utility: Creation of utility is another feature of economic activities. Such activities create various type of utilities, i.e. , from utility, place utility, possession utility, and time utility. Various raw materials are used to produce goods. Raw materials are converted in to finished goods which create utility.

3.   3.   Satisfaction of wants: Economic Activities are performed to satisfy human wants.

4.  4.    Measurement of Money: Economic activities are performing to make money. So all economic activities can be measure in the term of money.

Human activities: Economic and non-economic Activities

    Every human being performs many activities in his daily life. He always keeps himself engage in some or other kind of activities to satisfy his material and social needs. The work which is done by human beings to satisfy his wants is known as activity. Human want are unlimited activities in life of human being. All human activities can broadly divide in two categories:

1. Economic Activities

2. Non-economic Activities

1. Economic Activities: Meaning and feature
   
       The activities which are undertaken to earn a living are known as economist activities, the main objective of such activities is creating the wealth and money. A person who is office or a factory, an industrialist produces goods, a farmer plough a field, a trader sells goods, a lecturer teaches at college, a doctor treat his patients, a lawyer satisfies his clients, etc. These are the example of economic activities.

  Economic activities are, concerned with production, exchange, distribution and consumption of goods and services. Men perform his activities either to satisfy their material needs or to earn money. However, economic activities are directly related to money. Economic activities can be deviated in to three categories, via, profession, employment and business.