A business refers to any entity or person who engages in business. A business can be any entity, a government department, private institution, company or association, and even an individual. A business can also be an unincorporated association composed of members having equal rights and responsibilities. The term business can also refer to the retail market, where the products or services of a business are sold to customers, and includes the financial aspects of a business as well. In legal terminology, the term refers to the profession or vocation of a business or the means of managing a business.
There are many different types of business, and most businesses fall under one or more of the following categories: Production: The production of goods and materials which are used in order to create and carry out the operations of a business. Examples of production businesses include the food industry, metal, chemical, and other manufacturing businesses. Distribution: The transportation, processing, and sale of goods and materials by means of transport. Production and distribution often go hand-in-hand, and in many cases one function can be sub-divided into two or more other functions. Finance: The management of resources for the production, distribution, and consumption of goods and materials. This includes accounting, bookkeeping, collecting payments, and making payments.
Many businesses today exist to manufacture and distribute goods and materials, but there are also many that simply provide goods or services and function as service providers. A business can be either of these types. Many businesses have evolved through generations of experience to become either independent or dominant players in their industry. Today, there are a number of important business functions, including marketing, finance, technology, human resources, sales, operations, customer service, information systems, social media, government and education, and much more.