"Business is a way men make their living. It may be defined as human activity directed towards producing or acquiring wealth through buying or selling goods. It is an institution organised and operated to provide goods and services to society under the incentive of private gain."The main emphasis of the above definitions is on exchange of goods or services for profit motive. The exchange of goods and services entail many economic activities. All these activities are to be regulated by persons.
Business, thus, involves the economic activities such as manufacturing, merchantability, financial, insurance, transportation and marketing etc.