What are the essential features of business?

Answer 1

Typically, business is an organized effort by individuals, to produce and sell for a profit, goods, products, and services that satisfy societies needs. You can break this down into three major components as follows:

Organization

* Organization of material resources * Organization of human resources * Organization of financial resources * Organization of informational resources ( particular to the internal and external environment of the firm). Satisfying the Needs of Society

* Basic physiological needs * Societies wants and desires Profit

* What the firm has left after all expenses have been satisfied * The reward which can be used as seen fit.

Answer 2

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