In the literal sense, the term “Business” means the state of being busy. But it is a very wide connotation of business because it covers every human activity. Business is really concerned with the production and exchange of goods and services with the aim of earning money. Business creates utilities by producing and selling goods and services to satisfy human wants. Business is an activity, in which different persons exchange something of value, whether goods or services, for mutual gain or profit. It is an organised or systematic activity involving the satisfaction of human wants.Business involves regular or recurring purchase and sale of goods and services with the purpose of earning profits through the satisfaction of human needs. Repeated dealings rather than a single isolated transaction constitute business. Business may be distinguished from other activities by the fact that goods and services created or purchased are meant for sale and not for personal consumption.