The meaning of business is very comprehensive. The word 'Business' literally means 'a state of being busy'. Every person is engaged in some kind of occupation to earn livelihood while doing some work. Hence the term business includes all human activities directed towards producing or acquiring wealth. According to L.H. Haney: "Business may be defined as human activities directed towards providing or acquiring wealth through buying and selling goods".
In the words of W.R. Spriegal: "All of the activities included in the production and sale of goods or services may be classified as business activities". According to Prof. Owen: "A business is an enterprise engaged in production and distribution of goods for sale in market or the rendering of services for a price".
Essentially all socially desired (legal) economic activities pursued for the purpose of earning profit can be defined as 'business'. The main aim of business is to satisfy the unlimited wants of men living in society. So, it becomes necessary to create values and fulfill the needs of ultimate consumers with the help of industry, trade and commercial services. Thus, business may be defined as an activity directed to create values for fulfilling needs of man in society through exchange.
Technically, Business implies an enterprise engaged in the production and distribution of products for sale in a market or rendering services for a price. Functionally, business is a form of activity involving production and purchase of goods and services with the object of selling them at a profit. Wheeler's definition of business also supports these views in a different way. He calls business as "an institution organized and operated to provide goods and services to society under the incentive of private gain."
Every business activity is performed with a view to earning profit. According to C.F. Abbot, "Business without profit is not business". No private entrepreneur will start a business unless he hopes to earn profit.
In conclusion, we can define business in the following way: "Business involves all the activities of production, distribution and exchange performed to provide goods and services to fulfill wants of society with an equitable adjustment of profit and public welfare".
In the words of W.R. Spriegal: "All of the activities included in the production and sale of goods or services may be classified as business activities". According to Prof. Owen: "A business is an enterprise engaged in production and distribution of goods for sale in market or the rendering of services for a price".
Essentially all socially desired (legal) economic activities pursued for the purpose of earning profit can be defined as 'business'. The main aim of business is to satisfy the unlimited wants of men living in society. So, it becomes necessary to create values and fulfill the needs of ultimate consumers with the help of industry, trade and commercial services. Thus, business may be defined as an activity directed to create values for fulfilling needs of man in society through exchange.
Technically, Business implies an enterprise engaged in the production and distribution of products for sale in a market or rendering services for a price. Functionally, business is a form of activity involving production and purchase of goods and services with the object of selling them at a profit. Wheeler's definition of business also supports these views in a different way. He calls business as "an institution organized and operated to provide goods and services to society under the incentive of private gain."
Every business activity is performed with a view to earning profit. According to C.F. Abbot, "Business without profit is not business". No private entrepreneur will start a business unless he hopes to earn profit.
In conclusion, we can define business in the following way: "Business involves all the activities of production, distribution and exchange performed to provide goods and services to fulfill wants of society with an equitable adjustment of profit and public welfare".
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