Tuesday, July 6, 2010

MEANING OF BUSINESS


The meaning of business is comprehensive. The word ‘Business’ literally means ‘a state of being busy’. Every person is engaged in some sort of income generating activities or occupation to earn livelihood while doing some work. According to L.H.Haney”
:"Business may be defined as human activities directed towards providing or acquiring wealth through buying and selling goods”.
In other words of W.R.Spriegal:”All of those activities included in the production and sale of goods or services may be classified as business activities”.
Every business activities are performed with a view to earn profit. According to C.F.Abbot, “business without profit is not business”. No private entrepreneur will start business unless he hopes to earn profit.
In conclusion, we can define business in a following ways: “business involve all 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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Business

Business Business:Economic system in which goods and services are exchanged for one another or money, on the basis of their perceived worth. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis.