What is Business?
✏️ In one line
Business is any regular activity of making or selling goods or services to earn a profit.
📖 Story time
- Kabir makes steel water bottles and sells them online under the name BottleBuddy. He does it every day, to earn a profit. That's a business.
- His cousin is a doctor who charges a fee for her expert service. That's a profession.
- Kabir's designer works for him for a monthly salary. That's employment.
- Making the bottles is industry. Selling, transporting and insuring them is commerce.
🎯 Your turn
Match each activity to its type.
- Business
- Profession
- Employment
Drag a card onto a box, or tap a card and then a box.
Nice! Well done! Profit, fee and salary are the clues.
Not quite. Hint: Business earns profit, a profession earns a fee, employment earns a salary.
Which of these is NOT a business activity?
Nice! Correct. A one-time sale isn't a business, because business needs regular dealings.
Not quite. Hint: Business is a regular activity.
Every business involves some risk.
Nice! True. Sales might drop or costs might rise, so profit is never guaranteed.
Not quite. Hint: Can Kabir be 100% sure people will buy his bottles?
Kabir: A truck company carries Kabir's bottles from his workshop to shops across the city.
This transport is part of…
Nice! Yes! Transport, banking, insurance, storage and advertising help trade happen. They are all part of commerce.
Not quite. Hint: It isn't making the bottles. It's helping them reach buyers.