Unit-1 Nature of Business

Introductory unit for the preparatory course in Commerce.

What do you mean by a business firm?

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Learning Pundits Content Team

Written on Apr 17, 2019 2:00:46 PM

A unit formed for the purpose of carrying on some business activity is called a business firm or a business enterprise. Its an organization that operates on profit basis and participates in selling goods and services to the consumers. Generally, the business firm has a name such as Rekha Cloth Emporium or Sabariwala & Company or Bajaj Auto Ltd. 


Written on May 6, 2019 1:56:36 PM

A commercial organization that operates on a for-profit basis and participates in selling goods or services to consumers. The management of a business firm will typically develop a set of organizational objectives and a strategy for meeting those goals to help employees understand where the company is headed and how it intends to get there.