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The term business refers to production purchase, sale and exchange of goods and services on a regular basis with the aim of earning profits by satisfying human wants. It includes all industrial and commercial activities such as mining, manufacturing, trading transportation, warehousing, banking insurance and others. Business is an economic activity and it may be carried out either on a larger scale or on a small business scale.
Business is an economic activity because it is concerned with the production and distribution goods and services in order to create wealth. Business aims satisfying the wants of society through optimum utilization of scarce resources.

Business is founded on the exchange of goods and services. This exchange takes the form of buying and selling which constitutions the essence of business. If a person produces or buys goods for personal use or for presenting them as a gift to someone else, it is not business. Business is carried on with the aim of earning profits. According to Abbott, business without profit is not business and more than a pickle is candy.