Q.What is Business? State any two characteristics of business.

Business is defined by the combination of regular economic activity, dealing in goods/services, and a genuine profit motive — a single characteristic alone does not capture it.

State the definition first, then pick any two of the six characteristics — economic activity, dealing in goods/services, regularity, profit motive, risk, and creation of utility.

Meaning of Business: Business is an economic activity involving the regular and continuous production and/or exchange of goods and services, undertaken with the object of earning profit, while satisfying the wants of society.

Any two characteristics of business (from the full list of six):

1. Profit motive — earning a profit is a legitimate and necessary objective of any business; a business that never covers its costs cannot survive or continue operating.
2. Element of risk — profit in business is never certain or guaranteed; every business faces the risk of loss arising from factors such as changing demand, competition, fire, theft, or bad debts.

(A student may equally choose any two of: economic activity, dealing in goods and services, regularity of transactions, or creation of utility — any two, correctly explained, are acceptable.)