The World of Business: A Brief Overview

Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It's the engine that drives economies, creates jobs, and fuels innovation.

Core Functions of a Business

Every business, regardless of its size or industry, performs these core functions:

Types of Business Organizations

There are various types of business organizations, each with its own structure, legal obligations, and tax implications. Here are some common types:

The Business Cycle

The business cycle is a recurring pattern of economic expansion and contraction. It consists of four phases:

The Role of Business in Society

Businesses play a vital role in society by:

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