an organized effort to provide the things that people need and want and are willing to pay for. A business exists in order to satisfy those customers needs, and also to make a profit
five characteristics common to all businesses
1. businesses are "organized efforts"
2. a business provides things that ppl need and want
3. a business must try to satisfy customers needs
4. a business generates revenue from sales
5. businesses try to make a profit
is the money that flows into a business every time it sells a product or a service to a customer