Unit 1

Date: 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 #

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

B) Commerce #

1. Trade.
2. Auxiliaries to Trade.

C) Modern Dimensions of Business #

1. E-Business.
2. Green Business.
3. Social Business.
4. Global Business.

Business as a System #

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

B) Input-Process-Output Model #

1. Input.
2. Process.
3. Output.
4. Feedback.

Business and Environment Interface #

A) Social Environment.
B) Economic Environment.
C) Politico-legal Environment.
D) Technological Environment.
E) International Environment.

Objectives of Business #

A) Economic.
B) Social.
C) Human.
D) National.
E) International.

Profit Maximization VS. Social Responsibility #

(Research pending)