Students can go through AP Inter 1st Year Commerce Notes 1st Lesson Concept of Business will help students in revising the entire concepts quickly.
AP Inter 1st Year Commerce Notes 1st Lesson Concept of Business
→ The term business refers to ‘the state of being busy”.
→ Business is one of the human economic activities. Business is an economic activity that involves the regular transfer or exchange of goods and services for earning profit.
→ Business creates utilities by producing and selling goods and services to satisfy human wants.
→ Time, place, and possession of values are created by business enterprises.
→ Every business enterprise has both economic and social objectives.
→ The obligation of any business enterprise is to protect and serve the public interest as they operate within a society.
→ The Business organisations must be responsible to different Interest groups like owners, employees, suppliers, customers, government, etc.