Assignment: Introduction to Business | Lecture #01 | BBA

 Topic: Introduction to Business



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What is Business?


Business is an activity that involves producing, buying, or selling goods and services to earn a profit.

In simple words, business means providing products or services that people need or want, in exchange for money.


For example, in Gilgit-Baltistan, shopkeepers in the GB State Market buy fruits and dry fruits from local farmers and sell them to customers for profit. This process is called business activity.



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Characteristics of Business


1. Entrepreneurship:

A business starts with an idea and an entrepreneur.

For example, a young person in Gilgit starting a small café or online handicraft shop shows entrepreneurship.



2. Innovation:

Business involves new ideas or methods.

For instance, a local person introducing online delivery of GB dry fruits to other cities of Pakistan is an innovation.



3. Dealing in Goods & Services:

Business deals with tangible goods (like apples, honey, or clothes) and intangible services (like transport, internet, or tourism).



4. Production or Exchange of Goods:

Goods must be produced or exchanged to satisfy human needs.

For example, Hunza apricots are produced and sold in markets—this is a business exchange.



5. Series of Deals:

Business is not a one-time activity; it involves regular buying and selling.

A shop in Gilgit bazaar selling daily items continuously is a good example.



6. Desire to Earn Profit:

The main purpose of business is to earn profit.

Every shopkeeper, hotel owner, or transport service in GB wants to earn income from their work.



7. Element of Risk:

Every business faces risk—like bad weather, low sales, or loss in transport.

For example, if tourists don’t visit Hunza due to road closure, hotels may face loss.



8. Creation of Utilities:

Business adds value to goods and services to make them more useful.

Example: Local people pack GB honey in jars with labels—this adds utility and increases value.





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Definition of Economics


Economics is the study of how people and societies use limited resources to produce goods and services and distribute them for consumption.


In simple words, economics is about making choices—how to use land, money, and labor in the best way.


Example:

In Gilgit-Baltistan, farmers decide how much land to use for growing apples or potatoes. These choices are part of economics.



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Conclusion


Business is an essential part of life in Gilgit-Baltistan, from small shops in local markets to hotels serving tourists. Understanding the basics of business helps students learn how to manage, grow, and innovate in their own ventures in the future.

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Name: Saifullah Khan

Department: BBA

University: Karakoram International University

Subject: Introduction to Business

Lecture No.: 1

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