"Business is an institution organised and operated to provide goods and services wider the incentive of private gain" Discuss.

Open in App

Solution

It is a businessman bears the risks and run business with the main motive of earning profit. Profit is the type of incentive or reward given to business man for bearing the risk. Private gain is the main incentive of the business by providing goods and services as it is the means of livelihood for the businessman to survive in the market and then expand or grow by analyzing market condition and change in business environment.

Suggest Corrections

Similar questions

'Business is an organised institution that operates to provide goods and services under the incentive of private gain'. Discuss.

Q. ____________ is the expenditure incurred for those goods and services which satisfy the wants of private individuals and institutions directly.

A country can produce a surplus of those products or services and export them to other countries. Similarly, it can import the goods or services which it is deficient in. This pattern of expertise based on territory provides a strong incentive for international trade. Hence, we could say that international business evolved as a result of ___.

An institution which accepts Deposits, markets Business Loans and offer related services is called:

Discuss the institutional support provided by the government to small business.

Join BYJU'S Learning Program