Define the word business

Business is the practice of making one’s living or making money by producing or buying and selling products (such as goods and services).^[1][2][3][4] It is also «any activity or enterprise entered into for profit.»^[5]

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner’s personal possessions.^[6] A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative.

Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated and expensive to set up, but offers more protection and benefits for the owners/members.

Forms

Forms of business ownership vary by jurisdiction, but several common entities exist:

• A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business. All assets of the business belong to a sole proprietor, including, for example, a computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor.
• A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.^[7]
• Corporations’ owners have limited liability and the business has a separate legal personality from its owners. Corporations can be either government-owned or privately owned, and they can organize either for profit or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange.
• A cooperative or co-op is a limited-liability business that can organize as for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.
• Limited liability companies (LLC) and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections. In contrast, a general partnership or persons working on their own are usually not as protected.^[8]
• A franchise is a system in which entrepreneurs purchase the rights to open and run a business from a larger corporation.^[9] Franchising in the United States is widespread and is a major economic powerhouse. One out of twelve retail businesses in the United States are franchised and 8 million people are employed in a franchised business.^[10]
• Company limited by guarantee is commonly used where companies are formed for non-commercial purposes, such as clubs or charities. The members guarantee the payment of certain (usually nominal) amounts if the company goes into insolvent liquidation, but otherwise, they have no economic rights in relation to the company. This type of company is common in England. A company limited by guarantee may be with or without having share capital.
• A company limited by shares is the most common form of the company used for business ventures. Specifically, a limited company is a «company in which the liability of each shareholder is limited to the amount individually invested» with corporations being «the most common example of a limited company.»^[11] This type of company is common in England and many English-speaking countries. A company limited by shares may be a
  • publicly traded company or a
  • privately held company.
• A company limited by guarantee with a share capital is a hybrid entity, usually used where the company is formed for non-commercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist.^[12]
• An unlimited company with or without a share capital is a hybrid entity, a company where the liability of members or shareholders for the debts (if any) of the company are not limited. In this case, the doctrine of a veil of incorporation does not apply.

Less common types of companies are:

• Most corporations by letters patent are corporations sole and not companies as the term is commonly understood today.
• Charter corporations were the only types of companies before the passing of modern companies legislation. Now they are relatively rare, except for very old companies that still survive (of which there are still many, particularly many British banks), or modern societies that fulfill a quasi-regulatory function (for example, the Bank of England is a corporation formed by a modern charter).
• Statutory companies are certain companies that have been formed by a private statute passed in the relevant jurisdiction, and are relatively rare today.

«Ltd after the company’s name signifies limited company, and PLC (public limited company) indicates that its shares are widely held.»^[13]

In legal parlance, the owners of a company are normally referred to as the «members». In a company limited or unlimited by shares (formed or incorporated with a share capital), this will be the shareholders. In a company limited by guarantee, this will be the guarantors. Some offshore jurisdictions have created special forms of offshore company in a bid to attract business for their jurisdictions. Examples include «segregated portfolio companies» and restricted purpose companies.

There are, however, many, many sub-categories of types of company that can be formed in various jurisdictions in the world.

Companies are also sometimes distinguished into public companies and private companies for legal and regulatory purposes. Public companies are companies whose shares can be publicly traded, often (although not always) on a stock exchange which imposes listing requirements/Listing Rules as to the issued shares, the trading of shares and a future issue of shares to help bolster the reputation of the exchange or particular market of exchange. Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares. In some jurisdictions, private companies have maximum numbers of shareholders.

A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors; the second company being deemed as a subsidiary of the parent company. The definition of a parent company differs by jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction.

Classifications

• Agriculture, such as the domestication of fish, animals, and livestock, as well as lumber, oil, vegetables, fruits, etc.
• Mining businesses that extract natural resources and raw materials, such as wood, petroleum, natural gas, ores, metals or minerals.
• Service businesses offer intangible goods or services and typically charge for labor or other services provided to government, to consumers, or to other businesses. Interior decorators, beauticians, hair stylists, make-up artists, tanning salons, laundromats, dry cleaners, and pest controllers are service businesses.
  • Financial services businesses include banks, brokerage firms, credit unions, credit cards, insurance companies, asset and investment companies such as private-equity firms, private-equity funds, real estate investment trusts, sovereign wealth funds, pension funds, mutual funds, index funds, hedge funds, stock exchanges, and other companies that generate profits through investment and management of capital.
  • Transportation businesses such as railways, airlines, and shipping companies deliver goods and individuals to their destinations for a fee.
  • Utilities produce public services such as water, electricity, waste management or sewage treatment. These industries are usually operated under the charge of a public government.
• Entertainment companies and mass media agencies generate profits primarily from the sale of intellectual property. They include film studios and production houses, mass media companies such as cable television networks, online digital media agencies, talent agencies, mobile media outlets, newspapers, book and magazine publishing houses.
  • Sports organizations are involved in producing, facilitating, promoting, or organizing any activity, experience, or business enterprise focused on sports. They make their profits by selling goods and services that are sports related.
• Industrial manufacturers produce products, either from raw materials or from component parts, then export the finished products at a profit. They include tangible goods such as cars, buses, medical devices, glass, or aircraft.
• Real estate businesses sell, invest, construct and develop properties, including land, residential homes, and other buildings.
• Retailers, wholesalers, and distributors act as middlemen and get goods produced by manufacturers to the intended consumers; they make their profits by marking up their prices. Most stores and catalog companies are distributors or retailers.

Activities

Accounting

Accounting is the measurement, processing, and communication of financial information about economic entities^[14][15] such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494.^[16] Accounting, which has been called the «language of business»,^[17] measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.^[18] Practitioners of accounting are known as accountants. The terms «accounting» and «financial reporting» are often used as synonyms.

Commerce

The process of exchanging goods and services.^[19]

Finance

Finance is a field that deals with the study of money and investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk.^[20]
In the context of business and management, finance deals with the problems of ensuring that the firm can safely and profitably carry out its operational and financial objectives; i.e. that it: (1) has sufficient cash flow for ongoing and upcoming operational expenses, and (2) can service both maturing short-term debt repayments, and scheduled long-term debt payments.
Finance also deals with the long term objective of maximizing the value of the business, while also balancing risk and profitability; this includes the interrelated questions of (1) capital investment, which businesses and projects to invest in; (2) capital structure, deciding on the mix of funding to be used; and (3) dividend policy, what to do with «excess» capital.

Human Resources

Human Resources can be defined as division of business that involves finding, screening, recruiting, and training job applicants.^[21] Human Resources, or HR, is crucial for all businesses to succeed as it helps companies adjust to a fast-moving business environment and the increasing demand for jobs.^[21]

The term «human resource» was first coined by John R. Commons in his novel The Distribution of Wealth. HR departments are relatively new as they began developing in the late 20th century. HR departments main goal is to maximize employee productivity and protecting the company from any issues that may arise in the future. Some of the most common activities conducted by those working in HR include increasing innovation and creativity within a company, applying new approaches to work projects, and efficient training and communication with employees.

Two of the most popular subdivisions of HR are Human Resource Management,^[22] HRM, and Human Resource Information Systems, ^[23]or HRIS. The HRM route is for those who prefer an administrative role as it involves oversight of the entirety of the company. HRIS involves the storage and organization of employee data including full names, addresses, means of contact, and anything else required by that certain company.

Some careers of those involved in the Human Resource field include enrollment specialists, HR analyst, recruiter, employment relations manager, etc.

Manufacturing

Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale.

Marketing

Marketing is defined by the American Marketing Association as «the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.»^[24] The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Marketing tactics include advertising as well as determining product pricing.

With the rise in technology, marketing is further divided into a class called digital marketing. It is marketing products and services using digital technologies.

Research and development

Research and development refer to activities in connection with corporate or government innovation.^[25] Research and development constitute the first stage of development of a potential new service or product.^[26] Research and development are very difficult to manage since the defining feature of the research is that the researchers do not know in advance exactly how to accomplish the desired result.^[26]

Safety

Injuries cost businesses billions of dollars annually.^[27] Studies have shown how company acceptance and implementation of comprehensive safety and health management systems reduce incidents, insurance costs, and workers’ compensation claims.^[28] New technologies, like wearable safety devices^[29] and available online safety training, continue to be developed to encourage employers to invest in protection beyond the «canary in the coal mine» and reduce the cost to businesses of protecting their employees.

Sales

Sales are activity related to selling or the number of goods or services sold in a given time period. Sales are often integrated with all lines of business and are key to a companies’ success.^[30]

Management

The efficient and effective operation of a business, and study of this subject, is called management. The major branches of management are financial management, marketing management, human resource management, strategic management, production management, operations management, service management, and information technology management. ^[31]

Owners may manage their businesses themselves, or employ managers to do so for them. Whether they are owners or employees, managers administer three primary components of the business’s value: financial resources, capital (tangible resources), and human resources. These resources are administered in at least six functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resources.^{[citation needed]}

Restructuring state enterprises

In recent decades, states modeled some of their assets and enterprises after business enterprises. In 2003, for example, China modeled 80% of its state-owned enterprises on a company-type management system.^[32] Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets.

Business process management

Business process management (BPM) is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. BPM attempts to improve processes continuously. It can, therefore, be described as a «process optimization process». It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach.^[who?]

Organization and regulation

Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

The major factors affecting how a business is organized are usually:

• The size and scope of the business firm and its structure, management, and ownership, broadly analyzed in the theory of the firm. Generally, a smaller business is more flexible, while larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as corporations or (less often) partnerships. In addition, a business that wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.
• The sector and country. Private profit-making businesses are different from government-owned bodies. In some countries, certain businesses are legally obliged to be organized in certain ways.
• Tax advantages. Different structures are treated differently in tax law and may have advantages for this reason.
• Disclosure and compliance requirements. Different business structures may be required to make less or more information public (or report it to relevant authorities) and may be bound to comply with different rules and regulations.
• Control and coordination requirements. In function of the risk and complexity of the tasks to organize, a business is organized through a set of formal and informal mechanisms.^[34][35] In particular, contractual and relational governance can help mitigate opportunism as well as support communication and information sharing.^[35]

Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate «person». This means that unless there is misconduct, the owner’s own possessions are strongly protected in law if the business does not succeed.

Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located. A single person who owns and runs a business is commonly known as a sole proprietor, whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable.

A few relevant factors to consider in deciding how to operate a business include:

1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
2. Generally, corporations are required to pay tax just like «real» people. In some tax systems, this can give rise to so-called double taxation, because first the corporation pays tax on the profit, and then when the corporation distributes its profits to its owners, individuals have to include dividends in their income when they complete their personal tax returns, at which point a second layer of income tax is imposed.
3. In most countries, there are laws that treat small corporations differently from large ones. They may be exempt from certain legal filing requirements or labor laws, have simplified procedures in specialized areas, and have simplified, advantageous, or slightly different tax treatment.
4. «Going public» through a process known as an initial public offering (IPO) means that part of the business will be owned by members of the public. This requires the organization as a distinct entity, to disclose information to the public, and adhering to a tighter set of laws and procedures. Most public entities are corporations that have sold shares, but increasingly there are also public LLC’s that sell units (sometimes also called shares), and other more exotic entities as well, such as, for example, real estate investment trusts in the US, and unit trusts in the UK. A general partnership cannot «go public».

Commercial law

A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. The Code of Hammurabi dates back to about 1772 BC for example and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers.^[36] The word «corporation» derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities.^[37]

In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern the treatment of labour and employee relations, worker protection and safety, discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions, worker compensation, and working hours and leave.

Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing. Local jurisdictions may also require special licenses and taxes just to operate a business.

Some businesses are subject to ongoing special regulation, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can affect many businesses.

Capital

When businesses need to raise money (called capital), they sometimes offer securities for sale.^[38]

Capital may be raised through private means, by an initial public offering or IPO on a stock exchange,^[39] or in other ways.^[38]

Major stock exchanges include the Shanghai Stock Exchange, Singapore Exchange, Hong Kong Stock Exchange, New York Stock Exchange and NASDAQ (the USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and Bombay Stock Exchange (India). Most countries with capital markets have at least one.

Businesses that have gone public are subject to regulations concerning their internal governance, such as how executive officers’ compensation is determined, and when and how information is disclosed to shareholders and to the public. In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). Other western nations have comparable regulatory bodies. The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC) in China. In Singapore, the regulatory authority is the Monetary Authority of Singapore (MAS), and in Hong Kong, it is the Securities and Futures Commission (SFC).

The proliferation and increasing complexity of the laws governing business have forced increasing specialization in corporate law. It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation. Commercial law spans general corporate law, employment and labor law, health-care law, securities law, mergers and acquisitions, tax law, employee benefit plans, food and drug regulation, intellectual property law on copyrights, patents, trademarks, telecommunications law, and financing.

Other types of capital sourcing include crowdsourcing on the Internet, venture capital, bank loans, and debentures.

Intellectual property

Businesses often have important «intellectual property» that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks, or preservation of trade secrets.^[40] Most businesses have names, logos, and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors. Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign noncompete clauses which will impose limitations on an employee’s interactions with stakeholders, and competitors.

Trade union

A trade union (or labor union) is an organization of workers who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better working conditions.^[41] The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labor contracts (collective bargaining) with employers.^[41] The most common purpose of these associations or unions is «maintaining or improving the conditions of their employment».^[42] This may include the negotiation of wages, work rules, complaint procedures, rules governing hiring, firing, and promotion of workers, benefits, workplace safety and policies.

See also

References

External links

Last Updated:
1 Apr 2023
— Updated example sentences

Britannica Dictionary definition of BUSINESS

Business is a
word which is commonly used in many different languages. But exactly
what does it mean? The concepts and activities of business have
increased in modern times. Traditionally, business simply meant
exchange or trade for things people wanted or needed. Today it has a
more technical definition.

One
definition of business is the production, distribution, and sale of
goods and services for a profit. To examine this definition, we will
look at its various parts.

First,
production is the creation of services or the changing of materials
into products. One example is the conversion of iron ore into metal
car parts. Next these products need to be moved from the factory to
the marketplace. This is known as distribution. A car might be moved
from a factory in Detroit to а
car dealership in Miami.

Third is the
sale of goods and services. Sale is the exchange of a product or
service for money. A car is sold to someone in exchange for money.
Goods are products which people either need or want; for example,
cars can be classified as goods. Services, on the other hand, are
activities which a person or group performs for another person or
organisation. For instance, an auto-mechanic performs a service when
he repairs a car. A doctor also performs a service by taking care of
people when they are sick.

Business then,
is a combination of all these activities: production, distribution,
and sale. However, there is one other important factor. This factor
is the creation of profit or economic surplus. A major goal in the
functioning of an American business company is making a profit.
Profit is the money that remains after all the expenses are paid.
Creating an economic surplus or profit is, therefore, a primary goal
of business activity.

Translation

Что такое бизнес?

Бизнес
— слово, которое обычно используется на
многих различных языках. Но что это
точно означает? Понятия и действия
бизнеса увеличились в современные
времена. Традиционно, бизнес просто
означал обмен или торговлю вещами,
которые были желанны или необходимы
людям. Сегодня для этого есть более
техническое определение.

Одно
определение бизнеса — производство,
распределение и продажа товаров и услуг
для прибыли. Чтобы исследовать это
определение, мы будем смотреть на его
различные части.

Во-первых,
производство — создание услуг или
изменение материалов в продуктах. Один
пример — преобразование железной руды
в металлические автозапчасти. Затем
эти продукты должны быть перемещены с
фабрики на рынок. Это известно как
распределение. Автомобиль должен быть
перемещен из фабрики в Детройте в
автомобильное представительство в
Майами.

Третье
— продажа товаров и услуг. Продажа — обмен
продуктов или обслуживания на деньги.
Автомобиль продан кому-то в обмен на
деньги. Товары — продукты, в которых люди
или нуждаются или хотят; например,
автомобили могут быть классифицированы
как товары. Услуги, с другой стороны,
являются действиями, которые человек
или группа выполняют для другого человека
или организации. Например, автомеханик
выполняет обслуживание, когда он
ремонтирует автомобиль. Доктор также
выполняет обслуживание, заботясь о
людях, когда они больны.

Бизнес
тогда, это комбинация всех этих действий:
производство, распределение, и продажа.
Однако есть один другой важный фактор.
Этот фактор — создание прибыли или
экономического излишка. Главная цель
в функционировании американской деловой
компании получать прибыль. Прибыль —
деньги, которые остаются после того,
как все расходы заплачены. Создание
экономических излишков или прибыли
является, следовательно, основной целью
коммерческой деятельности

COMPREHENSION

A.
Answer the following questions about the meaning of business. The
questions which are starred (*) cannot be answered directly from the
text. Space is provided at the end for you to add your own questions.

1. What is one
   modern definition of business?

Business
is the production, distribution, and sale of goods and services for a
profit.

2.
*How does this modern meaning of business differ from the traditional
one? *What factors have brought about these changes?

Traditionally,
business simply meant exchange or trade for things people wanted or
needed. In modern definition profit reception is target of business.
Development manufactory, industrial production, development of trade
relations, change of principles of economic policy are factors which
brought about these changes.

3.
What does production involve?

Production
involves creation of services or the changing of materials into
products

4. What
example of distribution is given in the reading? Can you think of
another example from real life?

A
car might be moved from a factory in Detroit to a car dealership in
Miami. Sugar might be moved from a plant in Skidel to a shop in
Minsk.

5.
How do goods differ from services?

Goods
are products which people either need or want; for example, cars can
be classified as goods. Services, on the other hand, are activities
which a person or group performs for another person or organization.

6.
In addition to production, distribution, and sale, what other factor
is important in defining business?

This
factor is the creation of profit or economic surplus

7.
What is profit? *In general, what do companies do with their profits?

Profit
is the money that remains after all the expenses are paid

8.
Compare your definition of business with the one given in the
reading. *How are they similar? *In what ways does your definition
differ from the one presented in the text?

9.
Additional questions____________________

B.
Determine which of the following statements true and which are false.
Then put T or F in the blanks. Correct those statements which are
false by rewriting them.

1. Additional
   questions

1. Bring
   examples of the goods and examples of services.

2. What
   is the distribution?

3. What
   is the largest manufactures in your city?

4. Distribution
   is included in definition of business, isn’t it?

5. What
   is meant services?

1. Determine
   which of the following statements true and which are false. Then put
   T or F in the blanks. Correct those statements which are false by
   rewriting them.

1. (
   T )
   Business is not just one activity but a combination of different
   operations such as production, distribution and sale.

2. (
   F )
   From ancient to modern times the definition of business has remained
   the same.

1. (
   F )
   Moving a truckload of oranges from the orchard to the supermarket is
   an example of production.

1. (
   T )
   A sales clerk provides a service by answering customers’ questions.

VOCABULARY
EXERCISES

1. Look
   at the terms in the left-hand column and find the correct synonyms
   in the right-hand column. Copy the corresponding letters in the
   blanks.

1. goods		a. moving or transporting
2. conversion		b. trade
3. for instance		c. however
4. distribution		d. look at
5. exchange		e. change
6. on the one hand		f. for example
7. examine		g. products

1. Fill
   in the blanks with noun or verb forms. Use your dictionary if
   necessary.

1. production		1. produce
2. performance		2. perform
3. exam		3. examine
4. conversion		4. converse
5. classification		5. classify
6. distribution		6. distribute
7. creation		7. create
8. sale		8. sell

1. Use
   the correct noun or verb form in the sentences. Change the
   grammatical form of the words if necessary.

1. sell

a.
An annual report includes the ­­­­sale’s
figures of the company for the current year.

b.
An auto dealership sells
cars, trucks, vans, and something recreational vehicles.

1. distribute

a.
Some companies hold exclusive distributive
rights for specific products.

b.
Factory representatives distribute
products to wholesalers and retailers.

1. produce

a.
How efficiently a company produce
its products will in large measure determine its success.

b.
The production
of high-technology instruments is one of the most rapidly growing
industries in the 1980s.

1. classify

a.
Items classify
in order to show the relationship between them.

b.
Classification means the grouping of items to show the difference
between them.

1. convert

a.
When travelling from country to country on either business or
leisure, people convert one currency to another.

b.
The production process often involves the convert raw materials into
finished products.

CLASSIFICATION

Classification
means the grouping of items to show the relationship between them.
Items that are classified together have something in common: that in,
something must apply to all the items in that group or class. Look at
the items below. They may be classified as either goods or services.
Review the definitions and examples given in the reading (lines
17-20). Classify the following items as either goods, or services.

1. car	машина	goods
2. medical diagnosis	медицинский диагноз	services
3. travel agency	туристическое агентство	services
4. briefcase	портфель	goods
5. auto repair	ремонт автомобиля	services
6. financial planning	финансовое планирование	services
7. computer	компьютер	goods
8. videotape recorder	видеомагнитофон	goods
9. management consultant	консультант по вопросам управления	services
10. accounting ledger	бухгалтерская книга	goods
11. calculator	калькулятор	goods
12. employment	работа	services
13. suit	костюм	goods
14. forklift	грузоподъемник	goods
15. office equipment repair	ремонт офисного оборудования	services
16. newspaper delivery	доставка газет	services
17. computer programming	компьютерное программирование	services
18. time clock	табельные часы	goods
19. law book	кодекс	goods
20. income tax preparation	подготовка к подоходному налогу	services

APPLICATION

1. Match
   these parts of the business definition to the following real-life
   situations.

production
of goods distribution of goods

sale
of goods sale of services

Examples:

Iron
ore is made into metal car parts production of goods

A
salesman sells a car sale of goods

An
auto mechanic repairs a car sale of services

1. A shipment of grain in transferred from a boat to truck.	distribution of goods
.
2. A chemical plant turns raw materials into fertilizer.	production of goods
3. A salesman from a concrete manufacturer convinces the owner of a building materials company to buy a shipment of drainage pipe from his company.	sale of goods
4. A warehouse ships books to a bookstore.	distribution of goods
5. A computer manufacturer receives silicon chips and puts them into minicomputers.	production of goods

CAREERS
IN BUSINESS

PREREADING
ACTIVITY

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Definition from Wiktionary, the free dictionary

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types:

show 187 types…

hide 187 types…

confectionery

the occupation and skills of a confectioner

sport

the occupation of athletes who compete for pay

farming, land

agriculture considered as an occupation or way of life

biz, game

your occupation or line of work

calling, career, vocation

the particular occupation for which you are trained

employment, work

the occupation for which you are paid

appointment

the job to which you are (or hope to be) appointed

berth, billet, office, place, position, post, situation, spot

a job in an organization

salt mine, treadmill

a job involving drudgery and confinement

craft, trade

the skilled practice of a practical occupation

profession

an occupation requiring special education (especially in the liberal arts or sciences)

medium, metier

an occupation for which you are especially well suited

accountancy, accounting

the occupation of maintaining and auditing records and preparing financial reports for a business

photography

the occupation of taking and printing photographs or making movies

catering

providing food and services

gig

a job, especially a temporary job

coaching, coaching job

the job of a professional coach

booking, engagement

employment for performers or performing groups that lasts for a limited period of time

ministry

the work of a minister of religion

navigation, sailing, seafaring

the work of a sailor

professional boxing

boxing for money

professional wrestling

wrestling for money

sumo

a Japanese form of wrestling; you lose if you are forced out of a small ring or if any part of your body (other than your feet) touches the ground

professional golf

playing golf for money

professional football

football played for pay

professional baseball

playing baseball for money

professional basketball

playing basketball for money

professional tennis

playing tennis for money

work load, workload

work that a person is expected to do in a specified time

piecework

work paid for according to the quantity produced

specialisation, specialism, speciality, specialization, specialty

the special line of work you have adopted as your career

lifework

the principal work of your career

walk, walk of life

careers in general

service

employment in or work for another

telecommuting, teleworking

employment at home while communicating with the workplace by phone or fax or modem

services

performance of duties or provision of space and equipment helpful to others

public service

employment within a government system (especially in the civil service)

academicianship

the position of member of an honorary academy

accountantship

the position of accountant

admiralty

the office of admiral

ambassadorship

the post of ambassador

apostleship

the position of apostle

apprenticeship, internship

the position of apprentice

associateship

the position of associate (as in an office or academy)

attorneyship

the position of attorney

bailiffship

the office of bailiff

baronetage

the state of a baronet

bishopry, episcopate

the office and dignity of a bishop

cadetship

the position of cadet

caliphate

the office of a caliph

captaincy, captainship

the post of captain

cardinalship

the office of cardinal

chairmanship

the position of chairman

chancellorship

the office of chancellor

chaplaincy, chaplainship

the position of chaplain

chieftaincy, chieftainship

the position of chieftain

clerkship

the job of clerk

commandership, commandery

the position or office of commander

comptrollership

the position of comptroller

consulship

the post of consul

controllership

the position of controller

councillorship, councilorship

the position of council member

counsellorship, counselorship

the position of counselor

curacy

the position of a curate

curatorship

the position of curator

custodianship

the position of custodian

deanery, deanship

the position or office of a dean

directorship

the position of a director of a business concern

discipleship

the position of disciple

editorship

the position of editor

eldership

the office of elder

emirate

the office of an emir

fatherhood

the status of a father

fatherhood

the status of a religious leader

foremanship

the position of foreman

generalcy, generalship

the office and authority of a general

governorship

the office of governor

headship

the position of head

headship

the position of headmaster or headmistress

hot seat

a difficult position where you are subjected to stress and criticism

incumbency

the office of an incumbent

inspectorship

the office of inspector

instructorship

the position of instructor

internship

the position of a medical intern

judgeship, judicature

the position of judge

khanate

the position of a khan

lectureship

the post of lecturer

legateship, legation

the post or office of legate

legislatorship

the office of legislator

librarianship

the position of librarian

lieutenancy

the position of a lieutenant

magistracy, magistrature

the position of magistrate

managership

the position of manager

manhood

the status of being a man

marshalship

the post of marshall

mastership

the position of master

mayoralty

the position of mayor

messiahship

the position of messiah

moderatorship

the position of moderator

overlordship

the position of overlord

pastorate, pastorship

the position of pastor

peasanthood

the state of being a peasant

plum

a highly desirable position or assignment

praetorship

the office of praetor

precentorship

the position of precentor

preceptorship

the position of preceptor

prefecture

the office of prefect

prelacy, prelature

the office or station of a prelate

premiership

the office of premier

presidency, presidentship

the office and function of president

primateship

the office of primate

principalship

the post of principal

priorship

the office of prior

proconsulate, proconsulship

the position of proconsul

proctorship

the position of proctor

chair, professorship

the position of professor

protectorship

the position of protector

public office

a position concerning the people as a whole

rabbinate

the office or function of a rabbi

receivership

the office of a receiver

rectorate, rectorship

the office or station of a rector

regency

the office of a regent

residency

the position of physician who is receiving special training in a hospital (usually after completing an internship)

rulership

the position of ruler

sainthood

the status and dignity of a saint

secretaryship

the position of secretary

feudal lordship, seigneury, seigniory

the position and authority of a feudal lord

senatorship

the office of senator

sinecure

an office that involves minimal duties

solicitorship

the position of solicitor

speakership

the position of Speaker

stewardship

the position of steward

studentship

the position of student

teachership

the position of teacher

thaneship

the position of thane

throne

the position and power of an exalted person (a sovereign or bishop) who is entitled to sit in a chair of state on ceremonial occasions

treasurership

the position of treasurer

tribuneship

the position of tribune

trusteeship

the position of trustee

vice-presidency

the office and function of a vice president

viceroyship

the position of viceroy

viziership

the position of vizier

wardenship

the position of warden

wardership

the position of warder

womanhood

the status of a woman

business life, professional life

a career in industrial or commercial or professional activities

airplane mechanics

the craft of building and repairing airplanes

auto mechanics

the craft of building and repairing automobiles

basketry

the craft of basket making

carpentry, woodwork, woodworking

the craft of a carpenter: making things out of wood

drafting, mechanical drawing

the craft of drawing blueprints

dressmaking

the craft of making dresses

electrical work

the craft of an electrician

interior decoration, interior design

the trade of planning the layout and furnishings of an architectural interior

lumbering

the trade of cutting or preparing or selling timber

masonry

the craft of a mason

oculism

the craft of an oculist

house painting, painting

the occupation of a house painter

papermaking

the craft of making paper

pilotage, piloting

the occupation of a pilot

plumbery, plumbing

the occupation of a plumber (installing and repairing pipes and fixtures for water or gas or sewage in a building)

pottery

the craft of making earthenware

learned profession

one of the three professions traditionally believed to require advanced learning and high principles

literature

the profession or art of a writer

architecture

the profession of designing buildings and environments with consideration for their esthetic effect

education

the profession of teaching (especially at a school or college or university)

journalism

the profession of reporting or photographing or editing news stories for one of the media

politics

the profession devoted to governing and to political affairs

pyrotechnics, pyrotechny

the craft of making fireworks

cobbling, shoe repairing, shoemaking

the shoemaker’s trade

roofing

the craft of a roofer

sheet-metal work

the craft of doing sheet metal work (as in ventilation systems)

shingling

the laying on of shingles

tailoring

the occupation of a tailor

tool-and-die work

the craft of making special tools and dies

cost accounting

keeping account of the costs of items in production

bookkeeping, clerking

the activity of recording business transactions

inventory accounting

accounting that controls and evaluates inventory

handicraft

a craft that requires skillful hands

paper route

the job of delivering newspapers regularly

mintage

act or process of minting coins

tanning

making leather from rawhide

engineering, technology

the practical application of science to commerce or industry

typography

the craft of composing type and printing from it

undertaking

the trade of a funeral director

upholstery

the craft of upholstering

wine making, winemaking

the craft and science of growing grapes and making wine

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educalingo

Basically he never went to work and didn’t have a job. Of course I thought he did. I thought he was on the phone doing business deals instead of borrowing money from people.

Christie Brinkley

ETYMOLOGY OF THE WORD BUSINESS

Old English bisignis solicitude, attentiveness, from bisigbusy + -nis-ness.

PRONUNCIATION OF BUSINESS

GRAMMATICAL CATEGORY OF BUSINESS

Business is a noun.

WHAT DOES BUSINESS MEAN IN ENGLISH?

Definition of business in the English dictionary

The first definition of business in the dictionary is a trade or profession. Other definition of business is an industrial, commercial, or professional operation; purchase and sale of goods and services. Business is also a commercial or industrial establishment, such as a firm or factory.

WORDS THAT RHYME WITH BUSINESS

SYNONYMS OF «BUSINESS»

The following words have a similar or identical meaning as «business» and belong to the same grammatical category.

TRANSLATION OF BUSINESS

Find out the translation of business to 25 languages with our English multilingual translator.

TENDENCIES OF USE OF THE TERM «BUSINESS»

The term «business» is very widely used and occupies the 372 position in our list of most widely used terms in the English dictionary.

Principal search tendencies and common uses of business

FREQUENCY OF USE OF THE TERM «BUSINESS» OVER TIME

10 QUOTES WITH «BUSINESS»

Famous quotes and sentences with the word business.

10 ENGLISH BOOKS RELATING TO «BUSINESS»

Discover the use of business in the following bibliographical selection. Books relating to business and brief extracts from same to provide context of its use in English literature.

10 NEWS ITEMS WHICH INCLUDE THE TERM «BUSINESS»

Find out what the national and international press are talking about and how the term business is used in the context of the following news items.

REFERENCE

« EDUCALINGO. Business [online]. Available <https://educalingo.com/en/dic-en/business>. Apr 2023 ».

Business is either an occupation, profession, or trade, or is a commercial activity which involves providing goods or services in exchange for profits.

Profits in business are not necessarily money. It can be a benefit in any form which is acknowledged by a business entity involved in a business activity.

To make things clearer, let us divide the business definition into business entity definition and business activity definition.

A business [entity] is an organisation or any other entity engaged in commercial, professional, charitable or industrial activities. It can be a for-profit entity or a not-for-profit entity and may or may not have a separate existence from the people/person controlling it.

A business [activity] is a commercial activity which involves providing goods or services with a primary motive of earning profits.

Concept Of Business

The business concept is the fundamental idea behind the business. The business model, plan, vision, and mission are developed based on this concept. Uber, for example, was started on the concept of aggregating taxi drivers and providing their services on demand under one brand. Every other business strategy was developed based on this concept.

Objective Of The Business

The business objective is what makes the business go on and conduct its activities in a long run. It is the reason why the business exists. While most of the people argue that profit making is the core objective of every business. Few have come up with the new underlying objective.

According to the traditional concept, business exists only to earn profits by providing the goods and services to the customers.

According to the modern concept, the underlying objective of every business is customer satisfaction as this is what results in most profits. If the customer is satisfied, business excels.

Types Of Business

Businesses can be classified into but are not limited to 4 types. These are –

Manufacturing

Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales. Examples of manufacturing businesses are steel factories, plastic factories, etc.

Service

This type of business deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider.

Service firms offer professional services, expertise, commission-based promotions, etc. Examples include salons, schools, consultancy etc.

Merchandising

Merchandising is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price. It is usually known as a ‘buy and sell’ business as they make profits by selling the products at a price higher than their cost price.

Examples of a merchandising business are grocery stores, supermarkets, distributors etc.

Hybrid

Hybrid businesses have the characteristics of two or more types of businesses explained above. For example, a restaurant develops its own dishes (manufacturing), sells the products like cold drinks which are manufactured by other businesses (merchandising), and provide service to the customers (service).

Forms of Business Ownership

Business ownership comes in many forms based on the number of owners, the liability of the owners, representation, and motives. These are –

Sole Proprietorship

Sole proprietorship is a business owned and operated by a single individual. It is easy to set-up, operate, and register. All the profits of the business belong to the owner and he’s also liable for all the liabilities incurred.

The biggest drawback of this business that the owner faces unlimited liability. This means that the creditors of the business can go after the personal assets of the owner if the business is unable to pay them.

Partnership

When two or more persons join hands to run a business, they usually come into partnership. Partnerships come in two forms – general and limited. A general partnership is like sole proprietorship but with more than one owner where all the owners face unlimited liability. In limited partnerships, some or all of the partners have limited liability.

Corporation

A corporation is a business which has a separate legal identity from the people who own or run it. Ownership is usually represented in the form of shares of the stock.

Owners enjoy limited liability but are not necessarily involved in running the business. The business is operated by a group (board of directors) elected by the shareholders.

Limited Liability Company

A limited liability company is a hybrid form of business which has characteristics of both a corporation and a partnership. A partnership because it is not incorporated and a corporation because all of the partners/owners enjoy limited liability.

Cooperative

Cooperative is a private business organisation owned and controlled by people for their mutual benefits. These people are called members and are benefitted by the goods and services offered by the cooperative. All members are expected to help run the business as the main motive of the cooperative is to provide service to all the members rather than a return on investment.

Go On, Tell Us What You Think!

Did we miss something?  Come on! Tell us what you think about our article on what is business in the comments section.

• Defenition of the word business

  • The activity, position or site associated with commerce or the earning of a livelihood.
  • Commercial, industrial or financial activity.
  • the volume of business activity: «business is good today»; «show me where the business was today»
  • a rightful concern or responsibility; used in such phrases as «it’s none of your business» or «mind your own business»
  • an immediate objective; «gossip was the main business of the evening»
  • business concerns collectively; «Government and business could not agree»
  • a commercial or industrial enterprise and the people who constitute it; «he bought his brother’s business»; «a small mom-and-pop business»; «a racially integrated business concern»
  • incidental activity performed by an actor for dramatic effect; «his business with the cane was hilarious»
  • customers collectively; «they have an upper class clientele»
  • the activity of providing goods and services involving financial and commercial and industrial aspects; «computers are now widely used in business»
  • of or relating to or characteristic of trade or traders; «the mercantile North was forging ahead»- Van Wyck Brooks
  • the principal activity in your life; «he’s not in my line of business»
  • the principal activity in your life that you do to earn money; «he»s not in my line of business»
  • the volume of business activity; «business is good today»; «show me where the business was today»
  • a rightful concern or responsibility; «it»s none of your business»; «mind your own business»
  • a commercial or industrial enterprise and the people who constitute it; «he bought his brother»s business»; «a small mom-and-pop business»; «a racially integrated business concern»
  • incidental activity performed by an actor for dramatic effect
  • the principal activity in your life that you do to earn money
  • the activity of providing goods and services involving financial and commercial and industrial aspects
  • the volume of commercial activity
  • a rightful concern or responsibility
  • an immediate objective
  • business concerns collectively
  • a commercial or industrial enterprise and the people who constitute it
  • customers collectively

Synonyms for the word business

• • affair
  • big business
  • business concern
  • business enterprise
  • business organization
  • business sector
  • byplay
  • clientele
  • commerce
  • commercial
  • commercial enterprise
  • company
  • concern
  • conglomerate
  • contract
  • corporate
  • corporation
  • custom
  • dealing
  • dealings
  • enterprise
  • establishment
  • firm
  • industry
  • interest
  • issue
  • line
  • line of work
  • matter
  • mercantile
  • multinational
  • occupation
  • occupational
  • organization
  • partnership
  • patronage
  • problem
  • production
  • question
  • responsibility
  • selling
  • small business
  • sphere
  • stage business
  • subject
  • thing
  • topic
  • trade
  • transaction
  • transnational
  • venture

Similar words in the business

• • business
  • business’s
  • businesslike
  • businessman
  • businessman’s
  • businessmen
  • businesswoman
  • businesswoman’s
  • businesswomen
  • commercial

Meronymys for the word business

• • business activity
  • commercial activity
  • division
  • market
  • marketplace

Hyponyms for the word business

• • accountancy
  • accounting
  • advertising
  • agency
  • agribusiness
  • agriculture
  • appointment
  • berth
  • big business
  • billet
  • biz
  • brokerage
  • building
  • business firm
  • butchering
  • butchery
  • calling
  • career
  • carrier
  • catering
  • chain
  • common carrier
  • confectionery
  • construction
  • craft
  • dealership
  • discount business
  • employee-owned business
  • employee-owned enterprise
  • employment
  • factory farm
  • farming
  • field
  • field of operation
  • finance
  • firm
  • fishing
  • franchise
  • game
  • house
  • industry
  • land
  • land-office business
  • line of business
  • maker
  • manufacture
  • manufacturer
  • manufacturing business
  • medium
  • metier
  • occasions
  • office
  • packaging
  • partnership
  • patronage
  • photography
  • place
  • position
  • post
  • printing
  • processor
  • profession
  • publication
  • publicizing
  • publishing
  • real-estate business
  • salt mine
  • schtick
  • schtik
  • shipbuilder
  • shipping
  • shtick
  • shtik
  • situation
  • sport
  • spot
  • storage
  • tourism
  • touristry
  • trade
  • transport
  • transportation
  • treadmill
  • underperformer
  • venture
  • vocation
  • work

Hypernyms for the word business

• • acting
  • activity
  • aim
  • business activity
  • commerce
  • commercial activity
  • commercialism
  • concern
  • enterprise
  • headache
  • mercantilism
  • object
  • objective
  • people
  • performing
  • playacting
  • playing
  • sector
  • target
  • vexation
  • worry

Idioms for the word business

• • business hours
  • everybody’s business is nobody’s business
  • get down to business
  • out of business

See other words

• • What is bum
  • The definition of bulrush
  • The interpretation of the word bully
  • What is meant by bullseye
  • The lexical meaning bullpen
  • The dictionary meaning of the word bullion
  • The grammatical meaning of the word bullet
  • Meaning of the word bull-bitch
  • Literal and figurative meaning of the word bulk
  • The origin of the word busker
  • Synonym for the word bustard
  • Antonyms for the word butcher
  • Homonyms for the word butternut squash
  • Hyponyms for the word button
  • Holonyms for the word buttress
  • Hypernyms for the word butty
  • Proverbs and sayings for the word buzzard
  • Translation of the word in other languages buzzer