Understanding the term Business
The term ‘Business‘ refers to production, purchase, sale and exchange of goods and services on a regular basis with the aim of earning profits by satisfying human wants. It includes all industrial a commercial activities such as mining, manufacturing, trading, transportation, warehousing, banking, insurance and others. Business is an economic activity and it may be carried out either on a large scale or on a small scale. All the activities concerned with the production and sale of goods and services wherein profit is the main object and loss of money is the main risk may be called business.
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