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TODAY'S BUSINESS WORLD |
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In economics, a
business (also called firm or enterprise) is
a legally recognized organizational entity
designed to provide goods and/or services to
consumers or corporate entities such as
governments, charities or other businesses. |
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Businesses
are predominant in capitalist economies,
most being privately owned and formed to
earn profit to increase the wealth of
owners. The owners and operators of a
business have as one of their main
objectives the receipt or generation of a
financial return in exchange for work and
acceptance of risk. Notable exceptions
include cooperative businesses and
state-owned enterprises. Socialistic systems
involve either government, public, or worker
ownership of most sizable businesses. |
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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 (above) to mean a
particular company or corporation, the
generalized usage to refer to a particular
market sector, such as "the music business"
and compound forms such as agribusiness, or
the broadest meaning to include 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.
Business Studies, the study of the
management of individuals organizing to
maintain collective productivity toward
accomplishing particular creative and
productive goals (usually to generate
profit), is taught as an academic subject in
many schools. |
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