(1). The word business means work efforts and art of people which are connected with production of wealth.
(2). Business we means those human activities which involves production or purchase of goods with the object of selling them art a profit.
According to C.R. Dicksee ” Business refers to a form of activity persuade primarily with the object of earning profit for the benefits of those on whose behalf the activity is conducted.
Old concept of business :
In old days,profit maximization was considered to be the basic objective of every organisation.
Modern concept of business :
In modern times profit marking is considered as a secondary objective and here we give too much regard to our prospective customers, in modern times, customer irregarded as a king of the market.