In economics, business
is the social science of managing people to organize
and maintain collective productivity toward
accomplishing particular creative and productive goals, usually
to generate revenue.
The etymology of "business"
refers to the state of being busy, in
the context of the individual as well as
the community or society.
The term "business" has at
least three usages, depending on the
scope — the general usage (above),
the singular usage to refer to a
particular company or corporation, and the
generalized usage to refer to a
particular market sector, such as
"the record business,"
"the computer business," or
"the business community" --
the community of suppliers of goods and
services.
The singular "business" can be
a legally-recognized entity within an economically free society,
wherein individuals organize based on expertise and skills to
bring about social and technological
advancement.
With some exceptions, (such as
cooperatives, non-profit organizations
and (typically) government institutions),
businesses are formed to earn profit and grow the
personal wealth of its leaders.
In other words, the owners and operators
of a business have as one of their main
objectives the receipt or generation
of a financial return in exchange
for their work — that is, the
expense of time, energy, and
money.
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