Business

Definition

A business is an organization or entity engaged in commercial, industrial, or professional activities aimed at generating profits by providing goods or services to customers. It operates within various economic systems and plays a crucial role in the exchange of resources, goods, and services in the market.

Related terms

Economic Systems:

An organized way a society allocates resources and distributes goods and services among its population.

Profit:

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Market: A place or platform where buyers and sellers interact to trade goods, services, or information either physically or virtually