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Concept of Business

The term business is derived from the word 'busy'. Thus, business means being busy. However, in a specific sense, business refers to any occupation in which people regularly engage in an activity with a view to earning profit. The activity may consist of production or purchase of goods for sale, or exchange of goods or supply of services to satisfy the needs of other people. In every society people undertake various activities to satisfy their needs. These activities may be broadly classified into two groups — economic and non-economic. Economic activities are those by which we can earn our livelihood whereas non-economic activities are those performed out of love, sympathy, sentiments, patriotism, etc. For example a labour in a factory, a doctor doing a surgery and a teacher taking lessons are doing their work to earn their livelihood and so they are engaged in economic activity.

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