'Onlysale or exchange of goods and services for profit is business'. Do you agree with this statement? Give three reasons to support your answer.

Dear Student,

No, we do not agree with the given statement. Sale or exchange of goods and services for profit is an important aspect of business and without any sale or exchange of goods or services it will not be called a business activity. But it is not the only purpose or feature of business. Business also involves the following activities There are various other features of business as well like :
  1. Business is an economic activity
  2. Profit motive
  3. Business risk
For detailed information on the topic, please follow the below link and scroll down to the topic "Features of business" :


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  • 16
No only sale or exchange of goods and services for profit is not business..
1- it is done for earning money by making profit.. it can be done on small level or at big level..
2- production and procurement(obtaining) of goods and services- before goods are supplied to consumer they are either produced or procured(obtain from
other).. goods can consist of daily consumable items like soaps,food, etc. services may include banking,electricity,etc..
3-Sale or exchange of goods and service.. if goods are produced for self consumption then it is not considered as business activty..
4-dealing of goods and services on regular basis .. 
5- profit earning- any activity is done for having profit. as it is their main income..
6-uncertainty of return- sometimes due to change in consumer taste or strike or HARTAL production or sale gets obstacled(stoped) this results to no or loss in income.. 

So we can now say that business is not only means profit, but for all above mentioned cause..

hope this answer would work for more information goto NCERT book..
  • 3
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