In economics, business refers to the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals. The etymology of "business" literally refers to the state of being busy, in the context of the individual as well as the community or society.

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The term "business" has three usages, depending on the scope —the general usage (above), the singular usage to refer to a particular company or corporation, and the generalized usage to refer to a particular market sector, such as "the record business," "the computer business," or "the business community" - the community of suppliers of goods and services.

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The singular "business" is an atomic legally-recognized entity within an economically free society, wherein individuals organize based on expertise and skills to bring about social and technological advancement. With some exceptions, (such as cooperatives, non-profits and (typically) government institutions), businesses are formed under the motivation of earning profit and growing personal wealth of its members. In other words, 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 their work — that is, the expense of time, energy, and money.