CONCEPT OF BUSINESS

CONCEPT OF BUSINESS
Literally, the word “business” means the state of being busy. Generally, the term business
includes all human activities concerned with earning money. In other words, business is an
activity in which various persons regularly produce or exchange goods and services for mutual
gain or profit. The goods and services produced or purchased for personal use are not
included in “business”.

DEFINITION

1.According to L. H. Haney

“Business may be defined as human activities directed toward providing or acquiring
wealth through buying and selling of goods.”

2.James Stephenson says that:

“Every human activity which is engaged in for the sake of earning profit may be called
business.”

3.In the words of B. W. Wheeler

“An institution organized and operated to provide goods and services to the society,
under the incentive of private gain” is business.