Here is your short paragraph on the meaning of business!
You find a variety of goods available in the market. You buy those goods as and when you require them. Do you know how these goods come to the market?
Who makes these goods and who brings them to the market? Actually, all these goods are produced at some specific places, and then somebody brings these goods from the place of production to the market.
Only then we are able to buy these goods and use them as per our requirements.
Again you must have observed some people are engaged in activities like transportation of goods and passengers, banking, insurance, advertising, supply of electricity, telephone etc. These are all service activities and are performed by the people to earn their livelihood.
In all the above activities, be it production, distribution, purchase or sale of goods and services, monetary gain is expected in each case and also, they are performed on a continuous basis. Thus, business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, sale or purchase of goods and services.
Business may be defined as, “an activity involving regular production or purchase of goods and services for sale, transfer and exchange with an object of earning profit.”
Some definitions are discussed here to clearly understand the meaning of the word “business”.
According to Wheeler business is, “an institution organised and operated to provide goods and services to the society under the incentive of private gain.”
W.R. Springal defines, “All the activities included in the production and sale of goods or services may be classified as business activities.”
Naughton describes, “The term business means the exchange of goods, money or services for mutual benefit.”