Business is the production, buying, and selling of goods and services. A business, company, or a firm is an organization that sells goods or services. A business venture is a commercial undertaking, such as the launch of a new company, in which there is a risk of loss as well as an opportunity for profit.

A business may also be referred to formally as a concern. A business may be referred to approvingly as an enterprise to emphasize its adventurous, risk-taking qualities, and business in general may be referred to in the same way, for example in combinations such as free enterprise and private enterprise.

Business is also referred to as commerce. Commerce is the activities and procedures involved in buying and selling things. This word, and its related adjective commercial, are often used to distinguish the business sphere from other areas such as government or the arts, or to distinguish it from non-money-making activities.

Large companies are referred to as corporations, especially in the United States. Corporate is used to describe things relating to a corporation, or to corporations in general (corporate structure, corporate policy). Large companies operating in many countries are multinationals.