5. Risks and Uncertainties
Business is subject to risks and uncertainties. Some risks, such as risks of loss
due to fire and theft can be insured. There are also uncertainties, such as loss
due to change in demand or fall in price cannot be insured and must be borne
by the businessman.
6. Buyer and Seller
Every business transaction has minimum two parties that is a buyer and a seller.
Business is nothing but a contract or an agreement between buyer and seller.