Scope of business and nature - Study Notes House

today we are going to discuss about the Scope of business and their definitions according to the scientist.

Table of Contents

Scope of business in different fields

PURPOSES AND RANGE OF ACTIVITIES

Technically, the term “business” refers to a working condition. Everyone has a job: a farmer works in the fields, a worker works in a factory, a clerk works in an office, a teacher teaches a class, a salesman is busy selling things, and a factory owner is busy managing his business. The main goal of all these people is to support themselves while working.
Commercial activity refers to any inventive human activity that produces things or provides services to meet the needs of people.
Furthermore, it is a lucrative process used by individuals and organizations to trade products and services. Human activities can be divided into economic and non-economic categories.
Wealth creation is linked to economic activity. Every person works in some way to support themselves. All of these actions produce utility.
Non-economic activities, such as social services, are those that are not performed for economic gain. Economic activities are distinguished from non-economic ones by the presence of a profit element.

Simple definition.

1. “Economic activity includes everything that is legal and has to do with making money.”

2. All economic activities related to the accumulation of money are included in the business.

Definition according to Business Scientist

Stephenson, James

“Business can be defined as any human activity done with the goal of making money.”
R.N. Own:”Enterprise” refers to all commercial and industrial operations which aim to profitably provide products and services to the public.

Gottfried & Clark

Commercial activity is defined as the “any activity related to the production and exchange of goods and services,althought including financial matters connected with such activities”.

William Wheeler :

“Enterprise is an institution formed by any person, group, company or government department, agency, whose purpose is to produce or sell products or services”.

Bittel:

By offering products and services for personal gain, “business is a legal business that satisfies human needs and wants.”

Hooper, FC.

The entire complex field of commerce and industry, including the fundamental, process, and manufacturing industries, as well as the network of ancillary services, such as distribution, finance, insurance, transportation, etc., that serve and interconnect the entire business world.

R.L. Blomstoom and K.L. Davis:

The term “enterprise” broadly refers to both private and governmental entities that shape and implement a society’s economic principles.
“Economic activity depend on the encompasses all lawful activities a related to earning a profit.”

2. All economic activities related to the accumulation of money are included in the business.

Haney, L.H.

“Human activity centered on the creation and/or acquisition of wealth through buying and selling goods”.

Urwich and Hunt.

“A business manufactures, distributes, or offers any good or service that other people in the community want and can afford to pay for.”

R.N. Own:

“Enterprise” refers to all commercial and industrial operations and trials that aim to profitably provide products and services to the public.

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