Introduction to Fundamentals of business organisation
Meaning of business
The word ‘business’ refers to all those activities, which are connected with the production or purchase of goods and services with the object of selling them at a profit. It includes activities connected with manufacturing, trading, transportation, insurance, warehousing, banking and finance. It is not concerned with the non-economic activities of a man.
COMPONENTS OF BUSINESS
Business refers to all those activities which are connected with the production or purchase of goods and services with the object of selling them at a profit.
The following figure shows the steps involved in Components of business
a) Industry
b) Commerce
