CONCEPT OF BUSINESS

In its literary sense, the term business means the state of being busy. Technically, the term Business is defined as all the commercial and industrial activities that provide goods and services to the people and are undertaken for profit. For example, a manufacturer who converts raw material into simi finished or finished goods (cotton to yarn to cloth).

A person who is engaged is fishing, poultry , mining with the sle objective to earn profit are carrying on the business activities. Similarly, all commercial occupations which deal with the buying and selling of goods on retail or wholesale basis, the financing of trad by banks, the transportation of goods from places where there are in less dmand to the places where they are more demanded for earning of profit are doing business. Thus business combines human, material, technological and financial resources carried on for profit.