Definition of Business
Business
is a term with a very wide meaning. It refers to an activity of people working
for the purpose of producing and distributing goods and services at a profit. A
business activity creates utilities by production of goods and services to
satisfy human wants. simply, business is an activity of people directed towards
satisfying human wants at a profit. In broad sense, business is the activity
performed by an individual or a group of people with a view to earn profit
within the government rules and regulations.
Various authors have defined business in different ways. Some of them are quoted below.”-
“Business may be defined as any form of commercial activity to satisfy the economic wants of people at a profit.”- Keith Davis.
“Business is any enterprise engaged in production and distribution of goods for sale in a market or rendering services for a price.”-Professor Owen.
Finally, business without profit or loss is no business. It is the whole complex field of trade, commerce, industry and the network of ancillary services, distribution, banking, insurance, transport and so on which serve and penetrate the world of business as a whole.
Various authors have defined business in different ways. Some of them are quoted below.”-
“Business may be defined as any form of commercial activity to satisfy the economic wants of people at a profit.”- Keith Davis.
“Business is any enterprise engaged in production and distribution of goods for sale in a market or rendering services for a price.”-Professor Owen.
Finally, business without profit or loss is no business. It is the whole complex field of trade, commerce, industry and the network of ancillary services, distribution, banking, insurance, transport and so on which serve and penetrate the world of business as a whole.
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