Business Definition

Business Definition


The term business comes from the Latin negotium, a word formed by NEC and otium ( “what is not leisure” ). It is about occupation, work or work that is done for profit.

The business is an operation of particular complexity, related to the processes of production, distribution, and sale of services and goods, with the objective of satisfying the different needs of the buyers and benefiting, in turn, the sellers. In modernity, the management of these productive functions is in charge of entrepreneurs and individual owners, who in turn are responsible for organizing and directing the industries, seeking to obtain an economic benefit.

Since the era of economic flourishing with the Industrial Revolution began, the old ways of doing business underwent certain modifications, giving rise to the birth of the methods of business organization that is known today. Thanks to this, various branches of the industry evolved and began to work more efficiently.

What is the subject of a lucrative occupation, the action and effect of negotiating and the interest that is achieved in what is traded are other uses of the concept: “I have to talk about business with you,” “My husband will travel to the United States to try to close several important businesses. “

In some Latin American countries, business is also the place in which it is traded or traded, although the correct way to refer to this concept is through the term store.

The trade, moreover, is established negotiation when buying or selling goods. It should be noted that deal can be used as a synonym for business when it refers to a physical location, to a commercial store.

The business world implies, in its broadest sense, several related notions. When business activity develops formally and with a specific volume, companies are usually created. A corporation is a socio-economic unit, composed of human, technical and material elements, whose objective is to obtain profits through participation in the market for goods and services.