Nature and Scope of Business

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An economic activity is any human activity undertaken with the main objective of earning money or livelihood. For example, a farmer growing crops for sale or a teacher working in a school for a salary…

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Economic activities are performed to earn money, such as a doctor treating patients for a fee or a shopkeeper selling goods. Non-economic activities are done for self-satisfaction or social cause with…

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Business refers to regular economic activities involving the production, purchase, or sale of goods and services with the main objective of earning profit. For example, a tailor stitching clothes regu…

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The main characteristics of business are: (1) It involves production or sale of goods/services, (2) It is a regular activity, not one-time, (3) Profit is the main objective, (4) It requires capital in…

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Regularity means the activity is ongoing, not occasional. For example, if you sell your old bicycle once, it's not business. But if you buy and sell bicycles regularly, it becomes a business. Regulari…

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A profession is an occupation that requires special knowledge, training, and skills, usually acquired through formal education. Professionals provide expert services and charge a fee. Examples include…

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Employment is an occupation where a person (employee) works for another (employer) under a contract and receives salary or wages. For example, a postman working for the Department of Posts gets a mont…

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In business, specific qualification is not required and capital investment is a must. In profession, professional knowledge and training are essential, and some capital is needed for setup. In employm…