Nature and Purpose of Business
In the NCERT Business Studies textbook for Class 11, this topic introduces the nature and purpose of business as an economic activity. You learn the characteristics of business such as production, exchange, profit motive and risk, and how business differs from profession and employment. The lesson explains objectives of business including economic, social and human goals, the role of profit in survival and growth, and why business risks arising from uncertainty, competition and changing demand must be understood.
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