Correct option is A
The essential elements for defining a business are: b. Products: A business involves the production or provision of goods or services. Products are essential for a business as they form the core offering that the business provides to its customers. c. Markets: Businesses operate within specific markets or target audiences. Markets represent the group of customers or clients who have a demand for the products or services offered by the business. e. Functions: Business functions refer to the different activities or operations performed within a business to ensure its smooth functioning. This includes functions such as production, marketing, finance, human resources, and operations management. Dealers (a) and competitors (d) are not essential elements for defining a business. Dealers may be involved in the distribution or sale of products, but they are not fundamental to the definition of a business. Competitors, while important for analyzing the business environment, are not a defining element of a business itself. Therefore, the correct answer is option (a) - b, c, and e only.
English
10 Questions
20 Marks
12 Mins
