Characteristics of Business
A business activity is different from other activities performed in a society. The essential characteristics of business are as follow:
① An economic activity
② Manufacturing or Purchase of Goods and Services
③ Sale or Exchange of Goods and Services
④ Deals in Goods & services on a regular basis
⑤ Aims at Profit Earning
⑥ Element of Risk:
⑦ Uncertainty of Return
⑧ Requires Investment