Business Activities Spectrum

Category: Education

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 services. A business enterprise is an economic institution as it is engaged in the production and distribution of goods and services in order to earn profits and acquire wealth. According to Wheeler, “Business is an institution organised and operated to provide goods and services to society under the incentive of private gain.”