Essential Features of Business

You have learnt that business refers to the human activities engaged in production and/or
exchange of want satisfying goods and services carried with the intention of earning profits.
Now let us study the important characteristics of business. We can list the following five
broad features of business.

1 Dealings in goods and services: Business deals with goods and services. The goods may
be consumer goods such as sweets, bread, cloth, shoes, etc: They may be producer’s
goods such as machinery, equipment, etc., which are used to produce further goods for
consumption. Business also deals with services such as transport, warehousing, banking,
insurance, etc., which are intangible and invisible goods.

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