Business - an economic activity defined by Lewis Henry

Jul 8th, 2015
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Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants. All of us need food, clothing and shelter. We also have many other household requirements to be satisfied in our daily lives. We met these requirements from the shopkeeper. The shopkeeper gets from wholesaler. The wholesaler gets from manufacturers. The shopkeeper, the wholesaler, the manufacturer are doing business and therefore they are called as Businessman "Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted."

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Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants.All of us need food, clothing and shelter. We also have many other household requirements to be satisfied in our daily lives. We met these requirements from the shopkeeper. The shopkeeper gets from wholesaler. The wholesaler gets from manufacturers. The shopkeeper, the wholesaler, the manufacturer are doing business and therefore they are called as Businessman"Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted."Lewis Henry defines business as, "Human activity directed towards producing or acquiring wealth through buying and selling of goods."Thus, the term business means continuous production and distribution of goods and services with the aim of earning profits under uncertain market conditions.Features of BusinessCharacteristics or features of business are discussed in following points :-1. Exchange of goods and servicesAll business activities are directly or indirectly concerned with the exchange of goods or services for money or money's worth.2. Deals in numerous transactionsIn business, the exchange of goods and services is a regular feature. A businessman regularly deals in a number of transactions and not just one or two transactions.3. Profit is the main ObjectiveThe business is carried on wit

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