Identify the economic objective of the business from the following.

It produces such goods that are required from time to time according to changes that take place.

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It brings changes in production by adopting new techniques.

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It also enables the consumers to know about the changes in products through advertisement.

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All of the above

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Solution

The correct option is D All of the above
Economic Objectives: Economic objectives of business refer to the objective of earning a profit and also other objectives that are necessary to be pursued to achieve the profit objective, which includes, the creation of customers, regular innovations and best possible use of available resources.

The main objectives that a business might have are Survival a short term objective, probably for the small business just starting out, or when a new firm enters the market or at a time of crisis. Profit maximization tries to make the most profit possible most like to be the aim of the owners and shareholders.

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