Objectives of Business

Business is considered an economic activity

Business is considered an economic activity because it involves the efficient use of scarce resources (labor, materials, capital, machinery) to produc

Form utility is created when raw

Form utility is created when raw materials are converted into finished products that are more useful and valuable. For instance, converting iron ore i

Place utility is created when goods

Place utility is created when goods are transported from the place of production to the place where consumers are located. A vegetable farmer in Punja

Time utility is created when businesses

Time utility is created when businesses produce goods throughout the year and store them in warehouses to make them available when consumers demand th

These are profit

These are profit-driven objectives that ensure the business survives and grows. They include: (1) Earning profit - the reward for risk and resource in