BUSINESS
A business also called a firm or an enterprise is a legally recognized organizational entity designed to provide goods and or services to consumers. A business needs a market. A consumer is an essential part of a business. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit to increase the wealth of owners.
The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative businesses and state-owned enterprises. Socialistic systems involve either government, public, or worker ownership of most sizable businesses.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work.
The term "business" has at least three usages, depending on the scope The singular usage above to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate. Business Studies, the study of the management of individuals to maintain collective productivity in order to accomplish particular creative and productive goals usually to generate profit, is taught as an academic subject in many schools.
ECONOMY
An economy is the realized social system of production, exchange, distribution, and consumption of goods and services of a country or other area. A given economy is the end result of a process that involves its technological evolution, civilization's history and social organization, as well as its geography, resource endowment, and ecology, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions.
Economic sectors
The economy includes several sectors also called industries, that evolved in successive phases.
The ancient economy was mainly based on subsistence farming.
The industrial revolution lessened the role of subsistence farming, converting it to more extensive and monocultural forms of agriculture in the last three centuries. The economic growth took place mostly in mining, construction and manufacturing industries.
In the economies of modern consumer societies there is a growing part played by services, finance, and technology the knowledge economy.
