Business encompasses abroad range of action from individual pursuits to the work of giant corporations, business covers manufacturing, commercial, trade and other economic activities of both institutions and individuals, for the most part, however the discussions relates to business organization and principally to larger corporations. A business is not wholly an economic organization for it has social as well as political characteristics. The purpose of business is to promote prosperity, to provide essential and desirable goods, to make life easier business is a quintessential social activity, it involves trading partners and consumers, at the very least and it presupposes a network of implied and explicit understanding and agreements, a shared set rituals than a modicum of mutual trust and some underlying system of evaluation.
Business means "any other activity engaged in for money or other compensation." .
Business can also mean "as any various operations or details of trade or industry; a commercial enterprise or establishment, a firm, factory or store; the amount or volume of trade; or a proper interest or concern, responsibility or duty."" .
These definitions denote both the entity concept of business firm and the activity concept. In the latter sense, the term business refers to an economic activity, which is primarily organized and directed to manufacture or produce goods or services at a profit. The profit is itself the difference between sales revenue (income) received after selling goods and services and the costs incurred in producing and selling those goods and services. .
In order to continuously make profit, a business must satisfy its varied stakeholders including customers, employees, owners, government and the general public or society.
Business has an objective or obligation to be socially responsible to various parties in the society. hence to say that business is a practice is to say it is not only a social activity, but it has goals and rules and boundaries and a purpose These parties define the areas of social responsibility.
