Business is a ________ activity.

Question

KollegeApply · Accepted Answer

Business is a socio-economic activity. Explanation: The primary objective of any business enterprise is profit maximization. Profit acts as a measure of success. However, it is argued that business enterprises are not just profit-making entities. They also fulfill the duties and responsibilities towards society, as their members carry out activities that are favorable to the society. Thus, business activity has economic as well as social goals. Therefore, it is regarded as a socio-economic activity.

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