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Business is a ________ activity. Socio-economic Service Charitable

Business is a ________ activity.

Socio-economic

Service

Charitable


Solution:

Business is a socio-economic activity.

Explanation:

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


OCM