Literally the term ‘Business’ implies busyness or the state of being busy. But this is not the proper concept of business as it covers every human activity. Business is an economic activity as it is concerned with earning money and acquiring wealth. It is the human activity directed towards the acquisition of wealth through the production and exchange of goods and production and/or distribution of goods and services in order to earn profits and acquire wealth. According to Wheeler, “business is an institution organized and operated t provide goods and services to society under the incentive of private gain.” In the words of Ownes, “business means an enterprise engaged in the production and distribution of goods for sale in the market or the rendering of services for a price.”
Thus, business encompasses all activities involved in the production and sale of goods and services for profit.