Explanation:

- Production of goods & services:

This is a core aspect of business activity. Businesses produce goods or offer services to meet consumer needs.

- Presence of risk:

Risk-taking is inherent in business activities. Businesses face uncertainties related to market demands, competition, and economic changes.

- Sale or exchange of goods and services:

Businesses exist to sell or exchange goods and services. Revenue generation through sales is fundamental to business operations.

- Salary and wages:

This does not characterize business activity itself. Instead, salaries and wages are payments to employees for their work within the business.