Business is a winder term.It includes all fair or legal economic activities.Which are related to the production or sale and purchase of goods and services.Attainment of wealth or earning profit is the basic purpose of these activities.Business may have difference size and organizational structure according to its nature. Business help in optimal utilization of difference factors of production an d makes these factors useful for the society.Business play very important roll to improve the slandered of living of people and to faster the economic growth.However non profit seeking activities shall not be considered as business.
1* <iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/KcqXxOPcXEM” frameborder=”0″ allow=”autoplay; encrypted-media” allowfullscreen></iframe>Business is enterprise engaged in the production and distribution of goods for sale in market or rendering services for a price:
2* Business may be defined as human activities directed towards producing or aqua ring wealth through buying and selling goods:
Exchange…………………Satisfaction of human wants and need.
Following points can sufficiently explain the definition and nature of business.
Business is a Human Activities.
Business is purely a human activities ,Because it is human being who start business,earn profit an manages different factors.
Business is an economic activities:
Business is economic activity at it is concerned with creation of wealth,attainment of wealth and consumption of wealth.
Business is a system:
Business is a systematic and sound arrangement of various factor, which leads to the fulfillment of particular objective according to well established strategy.A business enterprises is a combination of various sub system.
Business is social process:
Business is process which is run by owners with help of employees,professional and customers.These people are the part of society whose welfare is the responsibility of business.Thus the business is social process.