A significant part of business law includes aspects related to the closing of a business. It is important to know how to close a company in order to avoid unnecessary financial risks and liabilities. An accountant is responsible for keeping a company’s books balanced by ensuring all transactions are recorded accurately on both the company’s ledgers as well as its financial statements. They ensure that the company has a clear picture of its financial health over time which helps executives make informed decisions about the future and how to maintain a successful business.

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  • Secondary industry constitute manufacturing and constructive industries.
  • Any economic activity which leads to generation of profit is considered as business.
  • It must also ensure that the products or services produced are of adequate quality so that customers are satisfied.
  • Social media allows people to be creative and share interesting ideas with their followers or fans.
  • But for some, diverse device support can also be essential for external, customer-facing interactions.

The color that designated them as prostitutes could vary from different earth tones to yellow, as https://boothography.ca/calliesweet16 was usually designated as a color of shame in the Hebrew communities. These laws, however, proved no impediment to wealthier prostitutes because their glamorous appearances were almost indistinguishable from noble women. In the 14th century, London prostitutes were only tolerated when they wore yellow hoods. A variety of terms are used for those who engage in prostitution, some of which distinguish between different types of prostitution or imply a value judgment about them. Common alternatives for prostitute include escort and whore; however, not all professional escorts are prostitutes.

How Knowledge Management Helps Enterprise Digital Transformation

Though profit motive constitutes the primary objective of business activities, it should not lead us to conclude that profit is the sole objective of a business. The objectives of the business are to be laid down keeping in view the prevailing social, economic and political environment. For instance, a shopkeeper runs his shop, a doctor operates his clinic, a manager works in his office and a lecturer teaches in a college to earn a living for himself/herself and for his/her family. On the other hand, non-economic activities are carried out not for earning money but on account of the human sentiments of charity, love, sympathy, patriotism, religion, etc. They are concerned with the production, distribution and consumption of goods and services. Human being as undertake economic activities in order to earn their livelihood.


Both these groups must have a feeling of having been treated as human beings by the business enterprise. As human beings, customers expect courteous service and fair dealings from the business. Earning of Profits – Profits are needed to provide adequate reward to the entrepreneur and to provide funds for future growth. Just as other factors get their rewards, the entrepreneur must get reward for his efforts and taking of risk. Moreover, every businessman will like to see that the business he is managing should grow. This is possible only if the business earns sufficient profits for investing them into the business for expansion.

People need to learn how a business operates before they set out to create a business. They help in the buying and selling of goods by providing a convenient and safe mode of payment. Banks also grant credit to businessmen with which they can carry on larger volume of trade. It facilitates trade by providing a cover against the loss or damage of goods in the process of transit and storage. By getting their goods ensured, producers and traders can avoid the risk of loss due to fire, theft, pilferage, etc. Packaging also helps to protect the goods during transit and storage.

The funds received by a firm that issues stock can be used to expand the business. Large firms such as Cisco Systems, IBM, and General Motors now have millions of stockholders, but when they were created, they were small businesses. The manufacturers and ultimate consumers of goods are often unknown to each other. Therefore, certain persons, known as traders, are required to bridge the gap between them.

Specifically, news media journalists have shaped collective memory on nearly every major national event—from the deaths of social and political figures to the progression of political hopefuls. Journalists provide elaborate descriptions of commemorative events in U.S. history and contemporary popular cultural sensations. Many Americans learn the significance of historical events and political issues through news media, as they are presented on popular news stations. However, journalistic influence has grown less important, whereas social networking sites such as Facebook, YouTube and Twitter, provide a constant supply of alternative news sources for users. Some social media sites have the potential for content posted there to spread virally over social networks. The term is an analogy to the concept of viral infections, which can spread rapidly from individual to individual.

Business Sizes

The type of business entity that’s formed affects how a business is taxed and its exposure to liability. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. Over the years all countries have invested huge amounts of money on infrastructure by building airports, sea ports, economic zones and inland container terminals.

That’s a vital capability and an important role for knowledge-based technology to play. An effective knowledge management solution should support real time and asynchronous collaboration so people can connect with each other. There’s no question that support for diverse devices is important to employees successfully communicating and sharing information with each other in any organization.

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