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Class : 11
Unit : Business

Concept of Business

Ans : Literal meaning of business is state of being busy. Business is defined as an economic activities involved in the production and sales of goods and services under taken with the motive of earning profit by satisfying human needs in the society. Business is money oriented economic activities which is carried on to earn income and wealth. The production and distribution of goods and services for personal use and social welfare activities without any benefit is known as business. According to Levis H Haney, “Business is a human activity direct towards producing and acquiring wealth though buying and selling of goods.” According to C.F Abbot, ”Business without profit is not a business. In simple words business involved all the human activities consisting of production, distribution, exchange and auxiliary to satisfy the changing needs and demands of the other organization. Manufactures are involved in production of goods and trading organization’s involved in distribution and exchange of such goods with consumers. Similarly services organizations are involve in providing services to the consumers.
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