Basic Business Definition

In economics, business is an organization that sells goods or services to consumers or other businesses, to make a profit. Historically the business word of English business, busy from the word which means "busy" in the context of the individual, community, or society. In that sense, busy with activity and profitable work.

In capitalist economies, where most businesses are owned by private parties, business formed to make a profit and increase the prosperity of their owners. The owners and operators of a business get rewarded according to the time, effort, or capital they provide. But not all businesses pursuing this advantage, such as business co-operative that aims to improve the welfare of all its members or institutions that aim at improving the welfare of the people. This business model contrasts with the socialistic system, where big businesses are mostly owned by the government, the public, or the union.

Etymologically, means business circumstances in which a person or group of people busy do work that generates profit. The word "business" itself has three uses, singular use of the word can refer to business entities, namely the unity of the juridical (legal), technical, and economic aims for profit or gain. Wider use may refer to a particular market sector, such as "television business." Using the most widely refers to all activities undertaken by community providers of goods and services. Nevertheless, the definition of "business" right is still a matter of debate to this day.

So business in the broadest sense is a general term that describes all the activities and institutions that produce goods and services in everyday life. Business as a system that produces goods and services to satisfy the needs of the community.

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