Concept of Business
Business is an economic activity consisting of production, distribution, exchange, and auxiliary function to satisfy the changing need and demands of customers to meet the economic goals of the organization.
All the functions which are performed by human beings to satisfy their wants with limited available resources are known as human activities. A teacher teaches in a school, farmers work in the field, workers work in industries and lawyers work in law firms, etc. are related to human activities.
Business is human economic activity directed to earn profit by serving indu=ividual, society and nation with goods and service.
The word “Business“ is derived from the word “busy” which literally means the state of being busy. in other words
An organization or economic system where goods and services are exchanged for one another or for money.
Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
According to Lewis H. Hanery, “a human activity directed towards producing and acquiring wealth through buying and selling goods.”