How to Define a Business

| Total Words: 429

Businesses are everywhere. They are the units that perform most of the economic activity in our economy. Most businesses exist to generate a profit. There are some businesses that exist to perform a function other than profit, such as cooperatives and non-profit organisations. The traditional definition of a business is an entity that brings together time, effort and capital in order to produce a profit.

There are different ways of classifying businesses but here are the main types:

-> These take raw materials and make finished products, which they then sell. They make a physical good such as a car or a sofa.
-> Service businesses do not produce a physical product but offer a service to consumers. They make a profit by charging for their skills and labour.
-> Retailers and distributors. These businesses facilitate the chain of supply. They buy goods from the producers or wholesalers and sell them on to consumers at a higher price.
-> Agriculture and mining. These businesses are also known as extraction industries as they make their profit by taking raw materials out of the ground. Forestry, fishing and coal mining would be in this...

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