Business
In economics, a business is a legally-recognized organizational entity
existing within an economically free country designed to sell goods and/or
services to consumers, usually in an effort to generate profit.
In predominantly capitalist economies, where most businesses are privately
owned, businesses are typically formed to earn profit and grow the personal
wealth of their owners. The owners and operators of a business have as one
of their main objectives the receipt or generation of a financial return in
exchange for their work — that is, the expense of time and energy — and for
their acceptance of risk—investing work and money without certainty of
success. Notable exceptions to this rule include cooperative businesses and
government institutions. This model of business functioning is opposed by
socialists, who advocate either government, public, or worker ownership of
most sizable businesses; and to a lesser extent by individuals advocating
for a mixed economy of private and state-owned enterprises.
The etymology of "business" refers to the state of being busy in the context
of the individual as well as the community or society. In other words, to be
busy is to be doing commercially viable and profitable work. The term
"business" has at least three usages, depending on the scope — the general
usage (above), the singular usage to refer to a particular company or
corporation, and the generalized usage to refer to a particular market
sector, such as "the record business," "the computer business," or "the
business community"—the community of suppliers of goods and services.
However, the exact definition of business, like much else in the philosophy
of business, is disputable; for example, some Marxists use "means of
production" as a rough synonym for "business". However, a more accurate
definition of "means of production" would be the resources and apparatus by
which products and services are created. Control of these resources and
apparatus results in control of business activity, and so, while they are
very closely related, they are not the same thing.
Business Studies, the study of the management of individuals organizing to
maintain collective productivity toward accomplishing particular creative
and productive goals (usually to generate profit), is taught as an academic
subject in many schools.
From:
Wikipedia
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BUSINESS