Business:
An economic activity which is legal and is done with the motive of earning profit and creating and maximizing wealth is known as business.
Explanation:
- The term business is derived from the English word ‘busy’ which means to continuously remain occupied and active.
- The concept of business is associated with motive of earning profit and creating and maximizing wealth.
- This does not mean a businessman will always earn good profit. At times, he may earn very less profit or he may even incur loss.
