1. What is Business ? Explain features and objectives of Business

Business Overview:

Business refers to the activities involved in producing, buying, and selling goods or services to earn a profit. It encompasses various functions like production, marketing, finance, and management.

Features of Business:

1. Profit Motive: The primary objective is to earn profits by providing goods or services.
2. Risk and Uncertainty: Inherent in business operations due to market fluctuations, competition, and changing consumer preferences.
3. Exchange of Goods or Services: Involves the exchange of products or services for monetary compensation.
4. Legal Entity: Businesses operate within legal frameworks, adhering to laws and regulations.
5. Continuous Process: Business activities are ongoing and dynamic, adapting to market demands and environmental changes.

Objectives of Business:

1. Profit Maximization: Generating maximum returns for stakeholders.
2. Market Leadership: Achieving dominance in the market through competitive strategies.
3. Customer Satisfaction: Meeting consumer needs and preferences to build loyalty.
4. Innovation: Introducing new products, services, or processes to stay relevant.
5. Social Responsibility: Contributing positively to society while pursuing economic goals.

2. What is Industry ? Explain its classification with illustrations.

Industry Overview:

Industry refers to the economic sector involved in the production of goods or services. It encompasses a wide range of activities from manufacturing to service provision.

Classification of Industries:

1. Primary Industry: Extracts or harvests raw materials directly from natural resources. Examples include agriculture, mining, forestry, and fishing.   

2. Secondary Industry:  Converts raw materials into finished goods through manufacturing processes. Examples include automobile manufacturing, textile production, and food processing.

3. Tertiary Industry: Provides services rather than tangible goods. Examples include retail, banking, education, healthcare, and tourism.   

4. Quaternary Industry: Involves intellectual activities such as research, development, and information technology services. 

5. Quinary Industry: Includes high-level decision-making roles and services like top management, government, and scientific research. 

Illustration: A farm represents the primary industry, a car manufacturing plant exemplifies the secondary industry, a bank signifies the tertiary industry, a software development company illustrates the quaternary industry, and a government agency showcases the quinary industry.

3. Differentiate between Partnership and Joint Stock Company

Partnership:

1. Ownership Structure: Partnerships are owned and managed by two or more individuals who share profits, losses, and responsibilities.

2. Legal Formalities: Formation involves minimal legal formalities, usually governed by a partnership agreement.

3. Liability: Partners have unlimited liability, meaning they are personally liable for the debts and obligations of the business.

4. Management: Partners typically have equal say in decision-making and management unless otherwise specified in the partnership agreement.

5. Transferability of Ownership:  Ownership interests are not freely transferable and require the consent of all partners.

Joint Stock Company:

1. Ownership Structure: Owned by shareholders who invest capital and own shares representing ownership in the company.

2. Legal Formalities: Formation requires compliance with extensive legal formalities and regulations, including registration with government authorities.

3. Liability: Shareholders have limited liability, meaning their personal assets are protected from the company's debts.

4. Management: Managed by a board of directors elected by shareholders, who appoint officers to run day-to-day operations.

5. Transferability of Ownership: Shares of joint stock companies are freely transferable, allowing for easy entry and exit of shareholders.