A business (also known as enterprise or firm) is an organization involved in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.
Read more about Firm: Basic Forms of Ownership, Classifications, Management, Organization and Government Regulation
Famous quotes containing the word firm:
“With wavering steps does fickle fortune stray,
Nowhere she finds a firm and fixed abode;
But now all smiles, and now again all frowns,
Shes constant only in inconstancy.”
—Ovid (Publius Ovidius Naso)
“Is it, in Heavn, a crime to love too well?
To bear too tender or too firm a heart,
To act a lovers or a Romans part?”
—Alexander Pope (16881744)
“Mark you the floore? that square & speckled stone,
Which looks so firm and strong,
Is Patience:”
—George Herbert (15931633)