If a person sells his domestic computer at a profit; will it be considered a business? Also explain the characteristic of business which is being stressed upon in the above said example.
Continuity in dealings:
Dealings in goods and services become business only if undertaken on a regular basis. According to Peterson and Plowman, "a single isolated transaction of purchase and sale will not constitute business recurring or repeated transaction of purchase and sale alone mean business."
For instance, if a person sells his Computer it is not business though the seller gets money in exchange. But if he opens a shop and sells computers regularly, it will become business. Therefore, regularity of dealings is an essential feature of business.
Characteristic highlighted- business should be in regular basis