What is a Business?

A business is a recognized organization which provides goods or services to consumers or users for monetary costs. A business may also be known as a company, an enterprise or a firm. Businesses are largely found in capitalist economies, as these businesses are privately owned and created for the purpose of earning a profit. Some businesses are non-profit or state owned, but these are less common.

Businesses vary in activity. Some of the most common fields of business are agriculture, mining, finances, information and software, manufacturing, real estate, retail and service.

The operation of a business is called management. The main branches of this are financial management, marketing management, human resource management, strategic management, production management, operations management, service management and information technology management.