Tuesday, March 5, 2013

What is a business?I want to get a logical answer.

Business is a common English word with general meaning
like any purposeful activity a person may be engaged in, or something to be attended to.
Consider the following sentence:


readability="5">

You have no business interfering in my
affairs.



Here the business
simply means any purposeful activity or something that need to be attended
to.


However, in trade and commerce the word business refers
to commercial activity which involves buying and selling. In addition to these two
essential activities, a business may carry out manufacturing, which may be defined as
processing of the goods purchased to increase their utility and value. The organizations
or firms engaged in these activities are also called
business.


A business may sell any product, which are
broadly classified in two categories - goods and services. Goods are physical products
like a car and washing soap, while services are actions performed to meet some needs of
the buyers of service. Some example of services are transport and laundry
service.


While buying and selling of all goods is called a
business, however the work of supplying some services such as those of  a lawyer or a
physician are often called professions.

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