A business, also known as an enterprise, company or a firm is an organizational entity involved in the provision of goods and services to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social non-profit enterprises or state-owned public enterprises targeted for specific social and economic objectives. A business owned by multiple individuals may be formed as an incorporated company or jointly organised as a partnership. Countries have different laws that may ascribe different rights to the various business entities.
Business can refer to a particular organization or to an entire market sector, e.g. “the music business”. Compound forms such as agribusiness represent subsets of the word’s broader meaning, which encompasses all activity by suppliers of goods and services. The goal is for sales to be more than expenditures resulting in a profit or gain or surplus.
Owners may administer their businesses themselves, or employ managers to do this for them. Whether they are owners or employees, managers administer three primary components of the business’ value: its financial resources, capital or tangible resources, and human resources. These resources are administered in at least five functional areas: legal contracting, manufacturing or service production, marketing, accounting, financing, and human resources.