Introduction to Business

Every human being performs different types of activities for the satisfaction of his wants and desires. Many of these wants and desires are inherent, as they are biological compulsions and instincts for his survival whereas other types of wants and desires are boundless and give satisfaction is fulfilled. So, all human beings must perform different types of activities for their survival and satisfaction.

Concept of Business

The term 'business ‘refers to all the economic activities carried out by people and organizations for generating incomes. It is concerned with producing and distributing goods and services for earning a profit. It is a regular process of exchanging goods and services which involve risk and uncertainty. In fact, business is an economic activity aimed to fulfill the need and wants of customers through the supply of goods and services for their satisfaction.

According to L.H Haney, "Business may be defined as a human activity directed towards producing or acquiring wealth through buying and selling of goods."

According to James Stephenson, “Economic activities performed for earning profits are termed as the business."

From the above definitions, it is clear that the business is the economic activity of individuals and organizations aimed to earn profit through the production and distribution of goods and services.

Generally, there are two concepts of the business:

• Traditional Concept:
  The traditional concept explains that the purpose of business is to earn profit through the production and marketing of products. Products may be different types. For example physical goods, services, ideas, and information, etc. The main motto of business is to maximize profit only as per the traditional concepts.
  
  
• Modern Concept:
  Consumer satisfaction is the central point of the modern concept of business. Profit can be earned by maintaining social responsibility. It strives to include every aspect of human civilization. It views the modern business as a socio-economic institution that is always responsible for society.

Business Activities

Every human being performs different types of activities to gain his/her wants and desires. Many of these wants and desires are inherent, as they are biological compulsions and instincts for their survival whereas other types of wants and desires are boundless and provide full satisfaction. So, all human beings must perform different types of activities for their survival and satisfaction.

Human Activities

All the activities that human beings perform can broadly be classified into the following two activities:

Economic Activities

The activities through which human beings can earn income and generate wealth are known as economic activities. They are basically concerned with the production and distribution of goods and services which are used to satisfy human wants/needs. For example, a clerk works in an office, a worker works in a factory, a shopkeeper sells goods in his shop, etc.

There are three essential features of economic activities:

• Objective of economic gain
• Creation of utilities through the provision of goods and services and
• Satisfaction of other people's needs

Non-economic Activities

The human activities which are carried out to satisfy social, psychological and emotional needs are called non-economic activities. These activities are performed for personal satisfaction and are inspired by pleasure, affection, love, charity and other similar sentiments. Such activities are not concerned with earning money.

Differences between Economic and Non-Economic activities

Characteristics of Business

Some of the characteristics of the business are as follow:

• Human Activity:
  Business is a human activity, no business can be performed without human efforts. The stakeholders of business such as workers, managers, owners, etc. play an important part in the business.
  
  
• Economic Activity:
  It is an activity that involves the exchange of goods and services for money. It does not include non-economic activities which are not directed towards generating income.
  
  
• Enterprise:
  Business is an enterprise of a person who generates an idea, bears the risk, produces new products or services and sell them to the consumers. The owner or entrepreneur generates the idea of business.
  
  
• Production and Distribution:
  Business involves production and distribution of goods and services. The production and distribution of goods and services are carried out to fulfill the satisfaction of the customers.
  
  
• Customer Satisfaction:
  Every business activity is centered on customer service and their satisfaction. No business can exist over a long period of time without satisfying the needs and wants of the customers.
  
  
• Continuity in Dealing:
  Business must be regular and continuous in its dealings. It must continuously and regularly produce and sell goods and services to customers. One time dealing cannot be termed as a business.
  
  
• Risk and Uncertainty:
  Every business activity involves risk and uncertainty to some extent. The risk of loss is always present in every business activity. Hence, there is no certainty that the business activity always results in profit.
  
  
• Profit Motive:
  Profit is the essence of business. The activities related to production and distribution of goods and services are carried out with the aim of earning a profit.
  
  
• Finance or Capital:
  Business need capital to acquire production and distribution of goods and services that can be produced and marketed. Thus, capital is said to be the lifeblood of business. No business ever can be started and successfully run without adequate finance.
  
  
• Ownership and Employment:
  Every business is owned by an individual or a group of individuals. The owner contributes capital to start and run the business. Business may be sole trading, partnership, joint-stock or a cooperative. Except sole trading, other forms of business need employees for the day to day activities.

Objectives of Business

The term 'business ‘refers to all the economic activities carried on by people and organizations for generating incomes. It is concerned with producing and distributing goods and services for earning a profit. It is a regular process of exchanging goods and services which involve risk and uncertainty.

Organic Objectives

The first and foremost objective of the business is to survive. It seeks to achieve growth and expansion. Then, it further tries to achieve efficiency, stability, recognition prestige, and goodwill. The set of this objective is known as the organic objectives of a business.

1. Survival
   For existence and stability, survival is the first motive of a business. It is concerned with maintaining its earning capacity, competitive position, and market share.
   
   
2. Growth and Diversification
   Once the survival is ensured business seeks to achieve growth, expansion, and diversification of its activities. The growth, expansion, and diversification contribute to gain higher profits and longer life of the business.
   
   
3. Prestige and Recognition
   Prestige is the respect and admiration that a business earns due to unfailing services to society. After growth and diversification, it likes to gain prestige and recognition from society.
   
   
4. Organizational Efficiency
   Efficiency is the quality of doing something well with no waste of time and resources. Efficiency is a means by which the survival, growth, and diversification of business can be achieved. Therefore, efficiency is a vital objective of the business.
   
   
5. Stability
   Stability is a state of business in which it is steady and not much disturbed by an untoward incidence. After a business wins respect and recognition, it wants to maintain these forever. Thus, seeking stability is another organic objective of the business.

Economic Objectives

A business is primarily an economic unit so it must have some economic objectives to pursue. These economic objectives are stated below:

1. Profit-making
   Profit is a must for ensuring the survival growth, prestige, and stability of the business. No business can survive for a long period if it suffers losses for some years.
   
   
2. Creation of Customers 
   Customers are basic for the existence, growth, and success of the business. Businesses can create customers by satisfying their needs with the right quantity of goods and services at the right price, at the right time and at the right place.
   
   
3. Innovation
   Innovation is concerned with introducing new products, new material, new production and distribution methods and a new market for satisfying the changing needs of the customers.
   
   
4. High Productivity
   Productivity is a ratio between inputs used and the output obtained. Higher productivity gives better results for the business. Higher productivity of the business is reflected in the better quality, low cost of production, and improved competitiveness of a business.
   
   
5. Increasing Market Share
   Business must outshine its competitors in every aspect of quality, availability, and price of goods and services. It must improve its quality of goods and services, reduce its price and improve the distribution system in order to maintain its market standing.

Social Objectives

A business is not only an economic unit, but it is also a social institution. So, a business must set its social objectives. There are some social obligations that a business must try to fulfill.

1. Supply of Quality Products at a Fair Price
   It is a primary objective of the business. A business must be aware of the tastes, preferences, and needs of its customers to maintain a continuous and adequate supply of quality products and services.
   
   
2. Creation of Employment Opportunity
   Since a business is a social institution, it must create an employment opportunity for the members of the society. Sometimes, this social objective may contradict the economic objective of a business.
   
   
3. Refrain From Anti-social Practices
   A business has to earn the legitimate profit by showing decent behavior to its customers, suppliers, competitors and other stakeholders. It must not involve anti-social practices like speculation, hoarding adulteration, etc.
   
   
4. Preservation of Environment
   A business exists, operates and grows in an environment. The growth of modern business has caused problems of pollution and environmental degradation. So, a business must be aware of the environmental problems and try to protect and preserve the environment by taking appropriate control measures.
   
   
5. Community and Social Service
   A business must establish a cordial relationship with the local community where it exists and operates. It is expected to serve the local community by involving itself in some charitable and social activities to build its public image and goodwill.

Human Objectives

A business is also a human organization where numbers of people are directly or indirectly involved in it to pursue their individual goals. Owners own it, employees and workers work in it, suppliers supply it and consumers buy it and so on. All these people make a valuable contribution to make a business a success.

1. Fair Return to Owners
   In every business, the owner invests their capital in an expectation that it will provide them some returns. So, a business must try to pay fair returns to the owner’s capital.
   
   
2. Fair Compensation to Employees
   Employees are the vital assets of a business. The success of a business largely depends on their hard work and efficiency. So they must be fairly compensated for what they deserve.
   
   
3. Welfare of Employees
   Since the employees put their heart and soul to make a business successful, it must honor the dignity of labor and treat them as partners rather than as simply working hands.
   
   
4. Job Satisfaction
   Employee motivation is important for the productivity and profitability of a business. So, a business must ensure the job satisfaction of its employees by making their job inherently interesting, challenging and rewarding.
   
   
5. Workers Participation
   Management can also motivate its employees to perform well by ensuring their participation in decision-making. Workers' participation does not only reduce their grievances but also improves cordial relations between employers and employees.
   
   
6. Satisfaction of Consumers
   It is one of the main objectives of the business. A business can ensure the consumers' satisfaction by continuously providing the right quality goods and services at the right price at the right time and at the right place.

National Objectives

Business is an integral part of the nation. So, it must have some objectives to pursue in the interest of the nation of which it is a part. A business must act as an instrument for implementing the national plan's programs and policies for fulfilling national interests.

1. Utilization of Natural Resources
   Every country is endowed with natural resources which are essential for its development. A business must try to properly utilize the indigenous resources which not only reduce imports but also save foreign exchange.
   
   
2. Ensuring Employment
   Every nation has a duty to create jobs to employ its active population. It has to create a business-friendly environment where businesses can boundlessly flourish and thereby can create more and more jobs to the increasing population of the country.
   
   
3. Development of Enterprises
   The economic development of a nation depends on the development of both large-scale and small-scale industries. Since both industries are complementary to each other, the growth of larger industries is naturally expected to grow many smaller units around them.
   
   
4. Production as per National Priorities
   Since business is an instrument for national development, it has to produce such goods and services as needed by the nation. It has to produce goods and services to meet the basic necessities of the people.
   
   
5. National Self-sufficiency and Export Promotion
   Generally, a business is supposed to produce and sell those goods and services which help to substitute imports and promote exports. So, a business can ensure national self-sufficiency and contribute to attaining a favorable balance payments position.
   
   
6. Balanced Regional Development
   A welfare nation must ensure its balanced regional development. The business helps to achieve balanced regional development by investing and utilizing local resources available even in backward and remote areas of the country.

Components of Business

The business consists of a number of components. These components and parts build the structure of a business. Thus, the structure of a business refers to the components and parts of the business comprising different classes of activities that are performed. Business activities can be broadly classified into the following three categories:

• Industry
• Commerce
• Services Enterprises

Industry

The term industry refers to the production of goods and services through the utilization of various resources like men, material, money, and machines by completing some specific processes. There are two types of industries they are: 

1. Primary Industry
2. Secondary Industry

Primary Industry

The industries engaged in farming, fishing, oil extraction and other firms that extract natural resources whose products can be used to produce goods by other businesses are called primary industries. It can be classified into two types they are:

1. Genetic Industry

Those industries on which plants and animals are reproduced for generating value are called genetic industries. Nurseries of plants for the reselling purpose, meat, and eggs for poultry firm, silk and leather from animal husbandry, wool and meat from sheep, fish from pisciculture, etc. are the example of genetic industry.

2. Extractive Industry

Extraction of materials and products having the commercial value from nature such as the air, climate, and soil are called extractive industries. Coal, gold, oil, gas, fishing from the sea, electricity from air and rivers, crops from soil and climate are the example of the extractive industry.

Secondary Industry

Those industries which are generally involved in transforming raw materials or semi-processed materials into finished products are called secondary industry. It can be classified into two types they are:

1. Construction Industry

The industries which are involved in constructional developmental works are called the construction industry. These industries construct roads, bridges, buildings, dams, canals, etc. Construction industries use cement, iron, steel, bricks, concretes and tar coal as raw materials.

2. Manufacturing Industry

Those industries which are involved in converting or transforming raw materials or semi-processed materials into finished goods are known as the manufacturing industry. Examples of manufacturing industries are iron and steel, machinery, automobile, electrical and electrons, sugar and textile mills, etc. It is divided into the following categories:

i) Analytical Industries:
Analytical industries are those industries that employ analytical processes in the production of goods. The examples of analytical industries are paper mills that produce cardboard paper, newsprint paper, photocopy paper, notebook paper, etc. Similarly, the next example may be oil refiners that produce kerosene, petrol, diesel, Mobil, etc.

ii) Synthetic Industries:
Synthetic industries are that industry that employs synthetic processes in the production of goods. For example, cement is produced by mixing limestone, red soil, stones, chemicals, etc.

iii) Processing Industries:
In this type of industry, raw materials are processed through the different stages of production to obtain the final product. The example of such industries is the jute industry in which raw jute passes through different stages of spinning, weaving, sewing, and dying to produce jute bags.

iv) Assembling Industries:
Assembling industries are those industries that assemble or combine various types of components or parts to produce usable products. Manufacturers of radio, television, computer, vehicle, etc. are the example of assembling industries.

v) Continuous Industries:
In this type of manufacturing industry, all the required raw materials are fed into the machine at one point from which successive operations are automatically performed to turn them into finished products. For example, Butwal Spinning Mill, Bhirkuti Paper Mill, and Lumbini Sugar Mill are examples of continuous Industries.

Commerce

Commerce is the process of buying and selling which includes all the activities of storing, grading, warehousing, transportation, banking, insurance, packing, and financing. The major function of business is to remove the hindrances of person, place, time, exchange and knowledge regarding the distribution of goods until they reach the final customers. Commerce can be classified into two groups they are:

1. Trade

The word trade denotes the activity of buying and selling or exchanging goods and services between people or countries. It refers to the process of exchanging, sale or transfer of goods and money or other goods. It is an integral part of the business in which the ownership of goods and services is transferred from one person to another for profit. There are two types of trade they are:

i) Home Trade

Home trade is also known as a domestic or internal trade which is conducted inside the country. It includes the production, purchase, and sale of goods within the geographical boundary of the country. It may be classified into two types. They are:

a) Wholesale Trade
A wholesale trade is such type of trade in which the purchase and sale of goods take place in bulk. In this type of trade, a trader purchases goods in bulk directly from producer and sales them in smaller lots to the retailers. The wholesaler acts as a middleman between the producer and retailers.

b) Retail Trade
The retail trade refers to the act of buying goods from a wholesaler and reselling those goods to the final consumers in small quantities. A trader who is involved in the retail trade is called retailer. A retailer is the last link in a trading chain. It deals with a variety of goods.

ii) Foreign Trade

The buying and selling of goods and services between the people of two or more countries are known as foreign or International trade. International trade involves the use of foreign exchange and international means of trade. Such trade is conducted mostly on the wholesale basis. It may be divided into three types. They are:

a) Import trade
Purchase of goods from a foreign country for use in the domestic market is known as import trade. For example, if the enterprise of Dhangadi purchases television sets from Sony Company of Japan for the use in the Nepalese market, it is known as import trade.

b) Export trade
The sale of goods from the home country to a foreign country is known as export trade. It is the sale of domestic goods to foreign market. For example, the woolen carpets sold to Monte Carlo Company of Germany is known as export trade.

c) Enter import trade
If the goods imported from a country is exported to another country, it is known as enter import trade. In other words, when a trader purchases goods from one country and sells the same goods to another country they are called enter import trade. For example, a trader of Nepal imports umbrellas from China and exports them to a trader in India. 

2. Auxiliaries of Trade

The activities which assist or support to trade is known as auxiliaries of trade. For the promotion of trade at the national and international level, auxiliaries of trade play the most important role. They provide support for the smooth operation of the trade such as finance, physical distribution, store, a risk of loss, damage etc. The important auxiliaries of Trade are as follows:

i. Banking

Banking is an important auxiliary of trade. No one can think about modern business without banking. It supports an operation of the business by providing short terms and long terms loans. Making payment to suppliers, remitting money from one place to another place etc.

ii. Packaging

Packaging is the process of packing goods that make their handling easy. It aids the recognition of the product by the consumer. Today, the packaging of goods has emerged as an important business.

iii. Distribution

Distribution is a chain of middlemen between producers and customers to facilitate the supply of goods. Wholesalers, retailers, stockiest, agents, brokers and so on are auxiliaries of trade to persuade effective distribution.

iv. Warehousing

Warehousing is an important auxiliary of trade. It is concerned with storing of products in a safe manner to meet the gap between production and consumption of goods. It creates time utility in goods. The cold-storage center is an example of warehousing.

v. Transportation

The process of carrying of goods and services from producers to the place of consumption is called transportation. It creates place utility in goods and services. Transportation can be carried out by different modes of transport like road, water, air, and pipelines.

vi. Insurance

The trade involves a number of risks such as losing goods during transport and storage, destroying goods by fire, flood, and theft. Insurance covers the risk of loss through financial compensation to the trader. It creates risk-utility in goods and properties. It can be categorized into Life Insurance, Non-Life Insurance, and Marine Insurance.

vii. Advertising

Advertising creates awareness of the availability of various goods and services in the market. It is the process of educating consumers to create an image of goods and services for increasing sales and profit. There are several media of advertising such as newspaper, radio, television, internet, hoarding boards etc.

viii. Communication

Communication means transferring a message, knowledge, experience, ideas, and meaning between buyers and sellers. Therefore, it is an important auxiliary of trade. The means of communication can be letters, newspaper, magazines, radio, television, cinema, website, fax etc.

Services Enterprises

The business which is established for providing services instead of producing physical goods is known as service enterprises. There are some hotels and multiplexes which only produce and sell intangible services, not physical goods. A hotel does not sell a room but provides a recommendation to stay a few days. Due to the development of information technology, there is a very important role of service in the modern business. Such service business includes educational services, medical services, repair and maintenance, accounting and legal services, information services, cleaning, and saloons etc.

Importance and Function of business

Business is one of the most important human activity. It has been playing an important role in the economic development of the nation and for the upliftment of living standard of the people. All the developed European countries, such as USA and Japan are developed today due to the development of the business. The important functions of business are as follows:

1. Economic development of a country
   Business is playing a vital role in the economic development of the country. It is highly defined by the development of industry and commerce. Industries utilize the various natural and other resources available in the country. Similarly, the development of commercial activities contributes to the exchange of goods and services at national and international levels. It fulfills the needs of the people of the country and contributes to earning foreign currency by exporting the products to the foreign countries.
    
2. Utilization of natural resources
   Natural resources are the free gift of nature. For the utilization of natural resources business has been playing an important role. Some countries are rich in natural resources, some in mineral resources, others in human and science and technology. The business utilizes such a manner that the whole kind of humankind is benefited.
    
3. Improvement of quality of life
   The quality of life means a level of enjoyment, comfort, and health in one's life. Business improves the quality of life in two ways. Firstly, it provides high-quality goods and service to the people required for their enjoyment, comfort, and health. Secondly, a business offers employment opportunities to the people by which they can generate income and improve the quality of life.
    
4. Fulfillment of human wants
   Human wants and desires are boundless and unlimited it keeps on changing. The business provides high-quality goods and services to the people for the satisfaction of their wants and desires at reasonable prices. In the absence of business activities, human wants may remain unfulfilled.
    
5. Employment generation
   Business is the source of employment. It creates employment opportunities for a large number of people in any country. Various types of employees are required both in management and technical jobs of business. The development of industry and commerce is helping to solve the employment problems of the nation.
    
6. Earning of foreign currency
   Business is an important source of earning foreign currency. Foreign currency can be earned by exporting goods to foreign countries. The development of industry and commerce is helpful for the production of goods and services. The development of export trade brings favorable balance in payment and surplus. Foreign currency can be used to import machinery equipment for developmental works.
    
7. Increase in government revenue
   Business is an important source of government revenue so the business activities contribute to the government revenue in the form of taxes such as excise duty, sales tax, income tax, proper tax, entertainment tax and so on. It also helps to develop our country.
    
8. Self-Sufficiency
   The development of industry and commerce is helping to fulfill the needs of society. The development of business in the country ensures self-reliance, self-dependence, and self -respect. A self-sufficient country has distinct prestige and status in international level.
    
9. Fostering International relation
   Business is the most important medium for the development of international relation. The development of business in a country attracts a foreign capital, labor, technology, and other goods and services. It is also helpful to exchange culture and tradition among the citizens of friendly nations.

Function of Business

Business is an economic activity, which is concerned with production, distribution, and exchange of goods and services with an objective of earning the profit by satisfying the unlimited wants of human beings. The major important function of business are as follows:

1. Employment function
   The creation of employment opportunity is the main objective of business. Business concerns are involved in various economic activities like production, management services, trade and auxiliaries of trade. People can get employment opportunities based on their academic qualification, skill, and experience in different organizations. They create employment opportunities for the members of society. So, they are helping to solve the unemployment problems of the nation.
    
2. Distribution function
   The distribution function is another important function of the business. Supply of goods through different channels from the place of production to the hands of final consumption is known as the distribution function of management. It involves various functions like buying, selling, storing, risk bearing etc. All the functions should be done to distribute the goods in the right place at the right time.
    
3. Organizing function
   The organizing function is concerned with management and planning different activities. It is accumulation and coordination of required resources such as men, material, money, machine etc. To produce the goods and services, the business organization must coordinate and control all these factors of production.
    
4. Production function
   Production of goods and services is one of the important function of business which is concerned with inputs like men, machine etc. Manufacturing concerns are involved in the production of goods. The production function involves various activities like the product, planning, procurement of raw materials, storage of raw materials and proper layout of plant and machinery, the delegation of authority and responsibility to employees, quality control etc.
    
5. Financing function
   Finance means capital which is the lifeblood of the organization. It is the task of providing money for a business. A business needs adequate capital to acquire different factors of production. It includes an estimate of required budget, finding out the appropriate source of capital, allocating fixed and working capital etc.
    
6. Marketing function
   One of the important function of business is the marketing function. This function is done to satisfy the consumers. Marketing function includes distribution of goods and determination of the reasonable price, advertising, transportation, warehousing, insurance and obtaining market information.
    
7. Research and development function
   Research and development are necessary for every business organization to make itself up to the date with the changing environment of the market and society. It facilitates to develop the new design, model, size of the product to satisfy the customers. Research work is required to conduct a study about the expectation of customers.

Social Responsibilities of Business

Business is a social institution. It is operated within the society, for the people and by the people living in the society. It exists, survives, operates and grows in the society. Therefore, it has certain obligations towards society, which are known as social responsibilities. A business must always recognize and understand the aspirations of society and try to meet them.

According to Keith Davis and Blamestorm, “Social responsibility refers to the obligation of decision makers of the business to take actions which protect and improve the welfare of the society as a whole along with their own interests.”

According to J.L Paluszek, “Corporate social responsibility is seriously considering the impact of the company's activities in society.”

Responsibility towards Investors

Shareholders are the owners of the business. They invest capital for the establishment of the business and bear a risk of loss. Shareholders have a direct interest in the welfare and the development of the business. The main responsibilities of business towards shareholders are:

• To ensure the safety of Capital Investment
• To provide equal opportunity to all the shareholders to participate in the management of the business as facilitated by the law
• To provide a fair and adequate return on shareholders’ investment
• To provide correct and regular information about financial and other transactions
• To maximize the value of capital investment through optimum utilization of resources

Responsibility towards Consumers

Consumers are the king of the market. They are the main source of revenue of the business organization. They are the key figures in the market for the growth and development of a business. The main responsibilities of business towards consumers are:

• To supply better quality goods at the right time at a reasonable price
• To provide after sale service on the basis of nature of a product
• To provide information about the changes introduced by the business
• To take necessary steps to improve quality, reduce price and develop the network for distribution
• To avoid unfair trade practices like black marketing, adulteration, false advertising etc.

Responsibility towards Employees

Employees are the greatest assets for all business. Business cannot be run alone by inventors and owners only. It needs the help of employees and workers. They are the assets of the business organization and their welfare is moral responsibility of business. The following are the responsibility of business towards its employees:

• To ensure job security
• To create a cordial relationship between management and workers
• To participate employees in decision making and profit sharing programs
• To provide an opportunity for training, promotion, and career development
• To hear and handle the grievances of employees and workers

Responsibility towards Community

Community represents the group of people in the immediate surroundings of a business. Business is a social institution, it must be responsible towards its society where it exists, survives and grows. It must consider the social aspirations and try to fulfill them. The main responsibilities of business towards community are as follows:

• To promote social values and norms
• To utilize the resources of the community
• To provide financial assistance to educational institutions hospitals, libraries, clubs etc. for their operations
• To help to protect the environment from pollution and maintain the ecology
• To create employment opportunities for skilled, semi-skilled and unskilled workers

Responsibility towards Government

Government plays an important role in creating favorable conditions for the establishment, operation and the growth of the business by formulating appropriate policies and developing necessary infrastructures. The following responsibilities towards the government are as follows:

• To pay taxes honestly and regularly
• To support the government to improve the quality of life
• To follow the rules, regulations and laws of the country
• To avoid monopolistic and unfair trade practices
• To provide important business information and advice to the government whenever required