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What is concept of business

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What is concept of business
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Gaurav Seth 5 years, 2 months ago

Concept of Business

  • The term business is derived from the word ‘busy’. Thus, business means being busy.
  • However, in a specific sense, business refers to an occupation in which people regularly engage in activities related to purchase, production and/or sale of goods and services with a view to earning profits.
  • The activity may consist of production or purchase of goods for sale, or exchange of goods or supply of services to satisfy the needs of other people.
  • In every society people undertake various activities to satisfy their needs. These activities may be broadly classified into two groups — economic and non-economic.
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