A business is an organisation set up to carry on some form of economic activity for profit. A business may be owned by one person or may be a partnership, co-operative, or corporation. In a more general sense, business is a broad term covering commerce and trade, (which is the buying of and transportation of goods), industry (the production of goods and the provision of services), and banking and finance. In industry , materials are extracted or converted into finished and semi-finished product. Trade is the process of buying and selling of commodities. Commerce relates to financial, transport, unsuring and other allied activities. CHARACERISTICS OF BUSINESS It is a human activity directed towards the acquisition on wealth. It means exchange of goods services undertaken continually or recurrently. It consists of dealing in goods and services. The activities are directly concerned with the transfer or exchange of goods and services of value. The element of risk goes with the profi
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