Definition of Business:
A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities with the primary aim of producing, buying, or selling goods and services to generate profit and satisfy human needs.
In simpler terms, business involves any activity that provides goods or services to consumers in exchange for money, typically on a continuous basis.
Key Elements of a Business:
- Production or exchange: Involves creating or trading goods and services.
- Profit motive: The main goal is to earn a financial return.
- Regularity: Business activities are carried out continuously, not just once.
- Risk and uncertainty: Every business faces financial or operational risks.
- Customer satisfaction: Meeting the needs and wants of customers.
Example:
- A clothing store buying fabric, making garments, and selling them to customers for profit.
- A tech company offering software solutions to businesses.
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Definition of Business:
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