Business

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In economics, business refers to the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals.

The etymology of "business" literally refers to the state of being busy, in the context of the individual as well as the community or society.

The term "business" has 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" or "the computer business."

The singular "business" is an atomic 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-profits and (typically) government institutions), businesses are formed under the motivation of earning profit and growing personal wealth of its members.

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.

Types of businesses

There are many types of businesses, and, as a result, businesses can be classified in many ways. One of the most common focuses on the primary profit-generating activities of a business, for example:

• Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.
• Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to other businesses or consumers. Organizations ranging from house painters to consulting firms to restaurants and even to entertainers are types of service businesses.
• Retailers and Distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalogue companies are distributors or retailers.
• Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
• Financial businesses include banks and other companies that generate profit through investment and management of capital.
• Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.
• Utilities produce public services, such as heat, electricity, or sewage treatment, and are usually government chartered.
• Real estate businesses generate profit from the selling, renting, and development of properties, homes, and buildings.
• Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs.

There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America (although it is widely used around the world) is generally considered to be the NAICS, or North American Industry Classification System. The equivalent European Union list is the NACE (external).