Introduction to Business (MGT211)

Virtual University of Pakistan

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CONCEPT OF BUSINESS

Literally, the word “business” means the state of being busy. Generally, the term business includes all human activities concerned with earning money. In other words, business is an activity in which various persons regularly produce or exchange goods and services for mutual gain or profit. The goods and services produced or purchased for personal use are not included in “business”
According to L. H. Haney “Business may be defined as human activities directed toward providing or acquiring wealth through buying and selling of goods.”