22-04-2016, 07:21 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.
