Unit 1

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April 6, 2026 #

Features and Nature of Business #

A) Economic Activity.
B) Continuous Activity.
C) Profit Motive.
D) Exchange of goods and services.
E) Customer Orientation.
F) Risk and Uncertainty.
G) Legal and Ethical Compliance.
H) Global.

Concept #

A) Value Creation.
B) Profit.
C) Social.
D) Organised.
E) Dynanic.

Scope #

A) Industry #

Primary Industry: Extraction of raw material (agriculture, mining).
Secondary Industry: Manufacturing.
Tertiary Industry: Service (banking, insurance, transport, delivery)
Quaternary Sector: Knowledge based services (IT, education/training)
Quinary Sector: Services of leading roles (Government services, NGOs)

B) Commerce #

Trade.
Auxiliaries to Trade.

C) Modern Dimensions of Business #

E-Business.
Green Business.
Social Business.
Global Business.

Business as a System #

A) Interdependance.
B) Input-Process-Output Model.
C) Open System.
D) Dynamic Nature.

Unit 1 on Freedoms4