Understanding OF Business
In a capitalist economy, where most businesses are privately owned, businesses are formed to gain profit and increase the prosperity of their owners. Business owners and operators get rewards according to the time, effort, or capital they provide. But not all businesses pursue such profits, such as cooperative efforts aimed at improving the welfare of all members or government agencies aimed at improving the welfare of society. This business model is different from the socialistic system, where most of the big business is owned by the government, the general public, or the union.
Etymologically, business means circumstances in which a person or group of people is busy doing a profitable job. The word "business" itself has three uses, depending on the scope - a single use of the word business can refer to business entities, juridical (technical), technical, and economic units aimed at making a profit or profit. Broader usage may refer to specific market sectors, such as "television business". The most widespread use refers to all activities undertaken by the community of providers of goods and services. But the exact definition of "business" is still a debate to this day.