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Definition of Business:
Business is an economic activity. If we do something by using our assets, it is called an economic
activity. When this economic activity is done for earning profit, it is then called business. Generally,
business means the exchange of goods and services with a view to earn profit; in this regard it includes all
economic activities.
Skinner & Ivancevich: “Business is the exchange of goods, services, or money for mutual benefit or
profit”.
Keith Davis: “Business may be defined as any form of commercial activity to satisfy the economic wants
of people at a profit”.
So, collection of assets, production and distribution of goods and services and performance of all such
economic activities relating to production and distribution for the purpose of making money are
‘Business’.
Q. Evolution of business
Evolution of business means its origin, growth, and continuous development with expansion in various
sectors, that contribute and run economies. The business evolution went through many progressive stages
or so-called developmental steps. The business evolution went from local stage to a global one: