Definitions
A business is an organisation that exists to provide goods and services on a commercial basis to customers.
Goods are physical products that can be traded.
Services are intangible products, a task is fulfilled by a business to save someone without the time, expertise, or the equipment the effort of sorting it out themselves.
They come in many forms
Benefits to society
- Sustain economy
- Creates jobs
- Increases consumer spending
- Tax
- Provide amenities
- Drives innovation
- Increased (international) investment
Public Sector businesses tend to exist to benefit society.
Business’s begin their corporate life as a startup, more information on startups can be found here