Modern Office Professionals Collaborating on Strategy By Edward Matulanya  Learn what business is, its key concepts, and real-world examples to understand how businesses create value and drive growth. 1. Definition of Business and Key Concepts A business is an organized entity or system that produces and/or exchanges goods and services designed to satisfy consumer needs while generating profit (Nickels, McHugh, & McHugh, 2016; Bateman & Snell, 2019). There is an inherent element of risk, decision making, and resource coordination in business (Daft, 2018). Successful businesses create value for customers, employees, owners, and society (Griffin, 2020). 1.1. Examples of Business Apple Inc. combines innovation, marketing, and design to meet consumer technology needs (Daft, 2018). Small groceries meet everyday needs and support local economies (Nickels et al., 2016). Freelancers provide services independently through digital marketplaces (Bateman & Snell, 2019). 1.2. Lesson...