Definition: Business is defined as an organised economic activity, wherein the exchange of goods and services takes place, for adequate consideration. It is nothing but a method of making money, from commercial transactions. It includes all those activities whose sole aim is to make available the desired goods and services to the society, in an effective manner.

Business is an economic activity that involves the buying and selling of goods and services to earn a profit. It is an essential part of the economy and plays a crucial role in the growth and development of a country. The characteristics of business are as follows:

1. Profit Motive: The primary objective of any business is to earn a profit. Profit is the reward for taking risks and investing resources in the business. Without the prospect of profit, businesses would not exist.

2. Exchange of Goods and Services: Business involves the exchange of goods and services between the buyer and the seller. The buyer pays the price for the goods or services, which is the revenue earned by the seller.

3. Risk and Uncertainty: Business involves risk and uncertainty. There is always a chance of failure or loss in business, and entrepreneurs must be willing to take risks to succeed.

4. Continuity: Business is a continuous activity that does not end with the sale of goods or services. It involves a series of activities such as production, marketing, and distribution.

5. Creativity and Innovation: Business requires creativity and innovation to remain competitive in the market. Entrepreneurs must come up with new and innovative ideas to attract customers and increase sales.

6. Customer Satisfaction: The success of a business depends on its ability to satisfy its customers. Businesses must provide high-quality goods and services to meet the needs and expectations of their customers.

7. Legal Framework: Business operates within a legal framework that regulates its activities. This includes laws related to taxation, employment, contracts, and intellectual property.

In conclusion, business is an economic activity that involves the exchange of goods and services to earn a profit. It requires creativity, innovation, and risk-taking to succeed in a competitive market. The legal framework provides guidelines for businesses to operate within the law and ensure fairness and transparency in their activities.