Explain the concept of business.

Explanation

Business refers to an activity wherein two parties enter into transaction of sale and purchase of goods and services with aim of earning money.
Business is considered as an economic activity as it is done with aim of earning money and not out of love or sympathy.

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.

Businesses can be privately owned, not-for-profit or state-owned