Business is regarded an economic activity due to the following reasons:
(i) The purpose of every business activity is to create wealth ad profit.
(ii) It involves sale, exchange, purchase of goods and services for mutual profit through the satisfaction of human wants.
(iii) Business requires use of scarce economic resources like land, lour, capital and machinery.
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Business involves risk. Unless there is the possibility of earning profit no one would like to enter business.
Therefore, profit is the reward for a businessman. Profit is the greatest motivating force for business activity. According to Ducker, “Unless we provide roar risk, we are going to destroy capacity to produce. Therefore, a minimum profitability, adequate to risks which we, by necessity assume and create, is an absolute condition of survival not only for the enterprises but for society”. Profit is the test of business performance. In other words, the efficiency of a bus business cannot be sustained for long and its closure can cause harm to the society.
Business exists and functions in a society, and it must serve the interest of society. The pursuit of money at the cost of service is not business. In the words of uric, “earning profit”.
Business exists and functions in a society, and it must serve the interest of society. The pursuit of money at the cost of service is not business. In he words of Uric, “earning profit can be no more the objective of a business than betting is the objective of a race, making a score the objective of cricket or eating the objective of living.” According to Ducker, “the problem of any business is not the maximization of profit but the achievement of sufficient profits to cover the risks of economic activity and thus to avoid loss”.
Thus, earning of profits is essential for the survival and growth of a business. Profit is a source of income and provides the means of livelihood for businessmen and their families. It is an incentive and a reward for bearing the risks of business. But earning of profits cannot be the sole objective of business. In order to earn profits business must pursue other economic and social objectives. Other economic objectives include maximum utilization of scarce sources, creating customers, innovation, etc. Business also has social objectives such as production of good quality products at fair prices, generation of employment, employment, employee welfare, etc.
On the basis of size, business activities may be classified into two categories;
(a) Small scale, and
(b) Large scale.
A small scale business unit is one which involves a small amount of investment and serves a small number of customers. Small scale units are entitled to certain benefits and privileges which are not available to large scale units. Small scale units employ small number of workers and produce on a small scale.
Some small scale units produce parts or components for large scale units. They are known as ancillary units. Enterprises engaged in industry are called industrial enterprises whereas those engaged in commerce are known as commercial enterprises, On the other hand, large scale units have big investments, produce on a large scale and employ a large number of people.
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Economic activities refer to the activities undertaken to earn money or an income. These acuities are concerned with the production and distribution of snoods and services for satisfying human wanes. Economic activities seek to achieve the greatest possible result with the least possible use of means or resources. Economic activities include practicing or professions like possible use of means or resources. Economic activities include practicing of professions like medical, law, and teaching. Nosiness and various forms or employment. The aims of economic activities are as under:
1. To Earn Money or Create wealth: The main purpose of economic activities is to earn an income or an economic reward. People undertake economic activities in order to satisfy their economic needs.
2. To Provide Exchangeable goods and services: Another purpose of economic activities is to produce and exchange goods and services in order to satisfy human wants. Land, labor, capital organization and other factors of production are required for production of goods and services.
3. To Maximize Returns: The purpose behind all economic activities is to provide goods and services to the consumers. For this purpose, goods and services are exchanged through the medium of a market. A large number of people are engaged in the processes of production. Transportation ad warehousing facilitates the exchange of gods and services.
4. To Maximize Returns: The next purpose of economic activities is to achieve maximum return with maximum efforts. Economic activities are undertaken to secure the desired results with the least possible resources.
5. To distribute Income and Wealth: The last purpose of economic activities is distribution of income and wealth in the society. Income earned through production of goods and writes is divided among various factors of production. For example, the labor is paid wages, interest or dividend is paid on the capital invested, rent is paid for the land, a portion of the income goes to the entrepreneur, etc. In this way every factor of production gets a reward.
Economic activities mean all those human activities which are undertaken to earn a living these activities are directly or indirectly helpful for the satisfaction of human wants. The motive behind economic activities is economic gain. For example, a clerk works in an office, an advocate works in the court and a shopkeeper works in his shop. The rationale of economic activities is to satisfy human wants by providing goods and services. Economic activities may be carried on a small scale or on a large scale. In small scale economic activities, an individual is involved whereas in large scale economic activities, a group of persons are involved.
Non-economic activities refer to the human activities which are undertaken to meet personal. Social or religious obligations. These activities are inspired by love, patriotism, religion, etc. For example, a mother cooking food for hers family, a child flying kite in the air, a social worker helping visually challenged people in crossing the road are examples of non-economic activities. The motive behind these activities is not monetary gain. Non-economic activities do not result in economic gain.