Business/'biznis/ noun I [U] buying and selling as a way of earning money; commerce: She has set up in business as a hairdresser. They are very easy to do business with. He teaches English for Business. 2 [U] the work that you do as your job: The manager will be away on business next week, a business trip 3[U] the amount of trade done: Business has been good for the time of year. 4 [C] a firm, a shop, a factory, etc. which produces or sells goods or provides a service: She started an antique business of her own. Small businesses are finding it hard to survive at the moment. 5 [U] something that concerns a particular person: The friends I choose are my business, not yours. Our business is to collect the information, not to comment on it. "How much did it cost? " "It's none of your business!" (= I don't want to tell you. It's private.) 6 [sing] a situation or an event: The divorce was an awful business. I found the whole business very depressing.
(IDIOMS)get down to businessto start the work that must be done: Let's just have a cup of coffee before we get down to business.
go out of businessto have to close because there is no more money available: The shop went out of business because it couldn 't compete with the new supermarket. have no business to do sth/doing sthto have no right to do sth: You have no business to read/reading my letters without asking me.
'businesslikeadj efficient and practical: She has a very businesslike manner. 'businessman, 'businesswomannoun [C] (pi businessmen; businesswomen) 1 a person who works in business (1) especially in a top position 2 a person who is skilful at dealing with money: My brother can advise you on your investments - he's a better businessman than I am.
'business studiesnoun [U] the study of how to control and manage a business (4): a course in business studies
What is business?
Business is a word, which is commonly used, in many different languages. But exactly what does it mean? The concepts and activities of business have increased in modern times. Traditionally, business simply meant exchange or trade for things people wanted or needed. Today it has a more technical definition. One definition of businessis the production, distribution, and sale of goods and services fora profit.To example this definition, we will look at its various parts.
First, production is the creation of services or the changing of materials into products. One example is the conversion of iron ore into metal car parts. Next these products need to be moved from the factory to the marketplace. This is known as distribution. A car might be moved from a factory in Detroit to a car dealership in Miami.
Third is the sale of goods and services. Sale is the exchange of a product or service for money. A car is sold to someone in exchange for money. Goodsare products, which people either, need or want; for example, cars can be classified as goods. Services, on the other hand, are activities which a person or group performs for another person or organization. For instance, an auto mechanic performs a service when he repairs a car. A doctor also performs aservice by taking care of people when they are sick.
Business, then, is a combination of all these activities: production, distribution, and sale. However, there is one other important factor. This factor is the creation of profit or economic surplus. A major goal in the functioning of an American business company is making a profit. Profitis the money that remains after all the expenses are paid. Creating an economic surplus or profit is, therefore, a primary goal of business activity.
1 Answer the following questions about the meaning of business. .
1. What is one modern definition of business?
2. How does this modern meaning of business differ from the traditional one? What factors have brought about these changes?
3. What does production involve?
4. What example of distribution is given in the reading? Can you think ofanother example?
5. How do goods differ from services?
6. In addition to production, distribution, and sale, what other factor is important in defining business?
7. What is profit? In general, what do companies do with their profits?