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Business 101

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A business (also known as enterprise or firm) is an organization involved in the trade of goods, services , or both to consumers . Business plan and Business model determine the outcome of an active business operation. Businesses are predominant in capitalist economies , where most of them are privately owned and administered to provide service to its customers . Businesses may also be not-for-profit or state owned . A business owned by multiple individuals may be referred to as a company , although that term also has a more precise meaning. 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 to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the br