Business organization

Definition: A business is an entity providing goods or services to fulfill market needs in exchange for profit. It stems from 'busy-ness', meaning the state of being occupied with work.
Key Characteristics:
- Economic Activity: Focuses on the production and distribution of goods/services to earn income.
- Continuous Process: Involves regular activity rather than isolated transactions.
- Profit Motive: Essential for survival and growth; defined as the surplus of income over expenses.
- Risk and Uncertainty: Includes predictable (insurable) and unpredictable risks (market changes, competition).
- Customer Satisfaction: Modern businesses prioritize meeting consumer needs at reasonable prices.
Importance: Drives revenue, national economic growth, employment, and innovation through bulk production.

Economic Objectives: Focus on profit earning, customer creation, regular innovation, and optimum resource utilization.
Social Objectives: Responsibility to provide quality goods, maintain fair trade practices, and contribute to community welfare.
Human Objectives: Focused on employee welfare, fair pay, psychological satisfaction, and human resource development.
National Objectives: Aligning with government goals like job creation, social justice, and export promotion.
Global Objectives: Ensuring global competitiveness and raising living standards across borders.

Industry: Focuses on extraction and transformation of materials.
- Primary: Extractive (mining, fishing) and Genetic (breeding animals/plants).
- Secondary: Manufacturing (analytical, synthetic, processing, assembly) and Construction (infrastructure).
Commerce: Large-scale trade that eliminates barriers of persons, place, time, and knowledge.
- Trade: Divided into Domestic (wholesale/retail) and Foreign (international exchange).
Services (Aids to Trade): Support systems facilitating commerce:
- Banking: Financial support.
- Transportation: Logistics and supply chain