"Business is an institution organised and operated to provide goods and services under the incentive of private gain." Discuss.

Dear Student,

Business according to B.O. Wheeler, is an institution organised and operated to provide goods and services under the incentive of private gain. As this forms the basic characteristics of Business and the reason for its operation in the economy. Business helps the society by providing the objects it needs in order to sustain life and enjoy while improving the material well being of a person. As Business activities are performed with the objective to earn profits-reward for their risk taking, with this motive in mind the businessman always have an urge to earn more hence it creates a channel for the production of goods and services. However, in the modern times the the activities of business are not predefined on profit basis as their is a social element attached to the same and now the concept has been changed to ''profit with a service motive''.