Business is the activity of making one’s living or making money by producing or buying and selling goods or services. The term business can also refer to an organization or to an entire market sector or to the sum of all economic activity. A business is a company or group of people that make money in the form of revenue, income, profit, and/or cash flow. It can also be defined as an organization involved in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money.
Businesses are sometimes grouped into industries. Within an industry, there can be many businesses in different sizes and markets. Businesses may also be grouped according to factors such as their internal functions (producing goods and services) or external functions (serving the public).
Business can be defined as an individual or organization that provides goods and services for profit. Businesses are categorized by an industry code.The major classifications of business are:- manufacturing, mining, construction, wholesale and retail trade, services, and real estate.1- Manufacturing is the production of goods and services by a business for profit.2- Mining is the extraction of natural resources from the ground. Construction is the process of constructing buildings or other structures.3- Wholesale and retail trade is the buying and selling of goods and services.4-Services is the offering of goods, services, and information to the public.5-Real estate is the sale of land and buildings, the leasing of land and buildings, and the development of land and buildings.The primary function of a business is to generate revenue, which is the income, profit, and/or cash flow a business earns. The primary purpose of a business is to provide goods and services for profit to clients through selling its products or services to those clients. Businesses are primarily in two categories: for-profit businesses, which generate revenue or income, and not-for-profit businesses, which do not generate revenue or income directly but instead use their resources to help others.Businesses can be classified by the type of goods or services they provide. Businesses can also be classified by the type of market they sell to , such as the general public, a specific population such as the elderly, or a specific group such as small business owners. For example, a business that sells goods or services only to small businesses is a small business merchant. In contrast, a business that sells goods or services to the general public is a general merchant.
