The Path to a Greener Future: Understanding Sustainable Development In an era where environmental challenges and resource depletion are becoming increasingly evident, the concept of sustainable development has gained significant importance. Sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. This blog post will explore the principles, goals, and strategies of sustainable development, highlighting its critical role in ensuring a balanced and healthy future for our planet. "Transforming our world: The path to sustainable development." What is Sustainable Development? Sustainable development is a holistic approach that integrates economic growth, environmental protection, and social equity. It seeks to create a harmonious relationship between human activities and the natural world, ensuring that resources are used efficiently and responsibly. Definition: The most widely recognized defini
INTRODUCTION
All economic activities are undertaken to derive
monetary benefits, of whatsoever nature, are termed as human occupations. Human
occupations or economic activities can be grouped into three broad categories;
such as profession, employment and business.
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DEFINITION OF BUSINESS
“Business is an institution organized and operated to provide goods and services to the society under the incentive of private gain.” -- B.O.Wheeler
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CHARACTERISTICS OF BUSINESS
The
broad characteristics of a business are as under:
1. Transfer
of ownership: Business
facilitates the transfer of ownership of goods from producers to consumers for
money or money’s worth.
2. Scope
of activities: Business includes
trade and aids to trade. Trade is that branch of commerce, which is concerned,
with the exchange of goods and services while aids to trade are
service-oriented.
3. Profit
motive: Profit is the
primary objective of any business activity. It is essential for the very
survival of business units.
4. Continuous
and recurring: The activities of
business enterprise are recurring in nature. One or two transactions do not
constitute a business.
5. Economic
institution: Business is an
economic institution. All business activities are guided by a desire to earn a profit.
6. Social
institution: Business cannot
ignore social needs as it is a part of society in the sense that it carried on
by the people (entrepreneurs), through the people (executives and workers) and
for the people (consumers).
7. Ethical and lawful: The purpose of business must be ethical and should be recognized by law.
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