Difference between revisions of "Business (glossary)"
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Revision as of 01:49, 10 December 2011
A business is an organization engaged in the trade of goods or services with consumers or producers.
Source(s)
The above definition is adapted by BKCASE authors from - A business is an organization engaged in the trade of goods, services, or both to consumers - given in:
Sullivan, A.; S. M. Sheffrin. 2003. Economics: Principles in Action. Upper Saddle River, NJ, USA: Pearson Prentice Hall. p. 29. ISBN 0-13-063085-3.
Discussion
A business may be a commercial company, a not-for-profit organization, or state-owned. Its consumers may be individuals, project , businesses or enterprises. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning. In the context of BKCASE, the term "business" would include a government agency.
The word "enterprise" is sometimes used synonymously with "business". However in BKCASE we use "business" to refer to a type of organization, while an enterprise is a purposeful activity often involving collaboration across organizational boundaries.