08-16-2017, 08:44 PM
It is a commercial activity or organization. Under this, we discuss about Commerce, Trade, Industry, Selling, Production, Dealing etc. A business firm can be defined as a concern or an enterprise or a company which buy, sell and is owned by an individual or a group of persons and managed under a specific set of operating policies. Business is primarily meant to create surpluses by putting together human ingenuity and nature s raw materials. Business is required to reconcile and cater to the diverse expectations of various segments of society-shareholders, customers and employees. A business system reveals systematic arrangement of operating units producing goods and services for the satisfaction of the customers. These units are classified as Industries or individual enterprise.