Business
In
economics, business is the social science of managing people to organize and
maintain collective productivity toward accomplishing particular creative and
productive goals, usually to generate profit.
The
etymology of "business" refers to the state of being busy, in the
context of the individual as well as the community or society. In other words,
to be busy is to be doing commercially viable and profitable work.
The term
"business" has at least three usages
, depending on the scope — the
general usage (above), the singular usage to refer to a particular company or
corporation, and the generalized usage to refer to a particular market sector,
such as "the record business," "the computer business," or
"the business community" -- the community of suppliers of good sand
services.
The singular
"business" can be a legally-recognized entity
within an economically
free society, wherein individuals organize based on expertise and skills to
bring about social and technological
advancement.
In
predominantly capitalist economies, businesses are typically formed to earn
profit and grow the personal wealth of their owners.
The owners
and operators of a business have as one of their main objectives the receipt or
generation ofa financial return in exchange for their work — that is, the
expense of time and energy — and for their acceptance of risk — investing work
and money without certainty of success.
Notable
exceptions to this rule include some businesses which are cooperatives, or
government institutions.
However, the
exact definition of business is disputable as is business philosophy; for
example, some Marxists use "means of production" as a rough synonym
for "business"; however a more accurate definition of "means of
production" would be there sources and apparatus by which products and
services are created.
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