Nature and scope of Business

The scope of business is very comprehensive. It encompasses all human activities, which tend to satisfy needs and wants of the human beings living in a society. A large part of the business is concerned with providing the final or finished products or goods to the desired people.
Business is universal and everywhere. It is essential to ensure the production and distribution of goods and services to satisfy the economic wants of people at a profit. The nature and scope of business are changing very quickly. The people who are engaged in business, must have to cope with the changing environment because the people’s attitudes, habits, tastes, likes and dislikes, norms, beliefs, values, perceptions and motives are changing with the change of time.
Profit earning cannot be the sole motive of business activity. Businessmen do have a social responsibility too that must be met. Because organizations produce goods and services to generate profit but such activities create impact on society as well as the whole community. The responsibility of businessman is to provide the goods and services in a way which is not harmful to the society.