All economic, commercial and trading activities are parts of business. Business denotes busi-ness, that is the state of being busy – any activity in which one keeps himself busy. The forms of business entities discussed in the previous section are classified according to the type of ownership of the business entity. The regularity of activities and transactions and the production of income are important elements. Business activities You will be asked to answer a group of questions that are designed to provide a description of the size and nature of your business activities.. All applicants will be asked to answer these questions because they help us to understand how your business will work and the relevance of the licence authorisations you have selected. A business is an organization that strives for a profit by providing goods and services desired by its customers. Let us study this further. Nature of the Banking. I would like to make you understand in a more simple way. But the economic term of business refers to work, efforts, and acts of people or human busy in connection with the production of wealth. Business activity exists to produce goods or services, which can be classifi ed in several ways: consumer goods, consumer services and capital goods. Land– this general term not only includes land itself but all of the renewable and non-renewable resources of nature, such as coal, crude oil and timber. For instance, tea is mainly produced in Assam; cotton in Gujarat and Maharashtra; jute in West Bengal and Orissa and so on. Trade or Business A trade or business is generally an activity carried on for a livelihood or in good faith to make a profit. TYPES OF ACTIVITIES PERFORMED BY BUSINESS ORGANIZATIONS. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services. Nature of work means, what work is to be done in the business. Business activities are any events that are undertaken by a corporation for the purpose of earning a profit. There are four elements which describe characteristics of achieving customer satisfaction: Perfect product Delivered by caring people 1) Budgeting : Budgeting is the target of the spend for every department of the organization. What is Business. We, humans, have endless needs, to satisfy these we need business activities. What is business, what is the nature of business & what are characteristics of business? It is a business term, used in business. It is the purpose of business to provide the economy and the society with the goods and services it requires. Goods are tangible items manufactured by businesses, such as … Business entities can also be grouped by the type of business activities they perform—service companies, merchandising companies, and manufacturing companies. The … Activities relating to trade are as below : (i) Transport and Communication : Production of goods generally takes place in particular locations. But these goods are required for consumption in all parts of the country. It is a very simple meaning. The facts and circumstances of each case determine whether or not an activity is a trade or business.