Business is the activity of making one's living or making money by producing or buying and selling products (goods and services). Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entitiesdefined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companyand other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country.
Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
Business administration is administrative anagement of a business. It includes all aspects of overseeing and supervising business operations and related fields which include accounting, finance and marketing.
Business management entails the general management of a business. It includes all aspects of overseeing and supervising business operations. Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.