Introduction to Business

Subject: Business Studies

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Lesson Info

  • Notes 5
  • Videos 0
  • Exercises 14
  • Practice Test 29
  • Skill Level Medium


Concept, Components, Functions and Importance, Objective and Social responsibilities of business


Concept and Characteristics of Business

Every human being performs different types of activities for the satisfaction of his wants and desires. Many of these wants and desires are inherent, as they are biological compulsions and instincts for his survival whereas other types of wants and desires are boundless and give satisfaction is fulfilled. So, all human beings must perform different types of activities for their survival and satisfaction.

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Objectives of Business

The term 'business ‘refers to all the economic activities carried on by people and organizations for generating incomes. It is concerned with producing and distributing goods and services for earning a profit. It is a regular process of exchanging goods and services which involve risk and uncertainty.

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Components of Business

Business consists of a number of components. These components and parts build up the structure of business. Thus, the structure of a business refers to the components and parts of business comprising different classes of activities that are performed. Business activities can be broadly classified into three categories they are Industry Commerce Services Enterprises

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Importance and Function of business

Business is an economic activity, which is concerned with production, distribution and exchange of goods and services with an objective of earning the profit by satisfying the unlimited wants of human beings.The major important function of business are as follows: Production function Organizing function Financing function Distribution function Marketing function Employment function Research and development function

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Social Responsibilities of Business

Business is a social institution. It is operated within the society, for the people and by the people living in the society. It exists, survives, operates and grows. Social Responsibilities of Business Responsibility towards Investor Responsibility towards Customers Responsibility towards Employees Responsibility towards Community Responsibility towards Government

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