Business Activity

What is Business Activity?

• Business activity refers to the production and sale of goods and services by a business.
• Key aspects of business activity include: inputs, processes, outputs, and external factors.
• Businesses must consider factors like demand, competition, and regulations when planning their activities.

Types of Business Activity

• Commercial activities: buying and selling goods/services for profit
• Manufacturing: transforming raw materials into finished products
• Service-based: providing intangible services to customers

Exam Tips

• Understand the key elements of the business activity process.
• Be able to analyze how external factors can impact a business's activities.