Definition of the term business

Business refers to the organized effort of individuals or groups to produce and sell goods and/or services in order to generate profit. It involves various activities such as production, marketing, finance, operations, and management. Businesses can be for-profit entities, aiming to make money, or non-profit organizations, focusing on achieving a social or environmental mission. They operate in different sectors and industries, offering products or services to customers and interacting with suppliers, employees, and other stakeholders.