The term business and economy is a highly complex entity to give a simplistic definition. Economy is a set of activities those range from production to consumption of goods, products and services. Business is an integral part of economy.
Though the study of business and economy as a discipline may be new but activities of economy dates back to the period of “hunters and gatherers” of the Stone Age era. Initially human beings were moving around hunting animals and gathering food. They ate as and when food was available to them and when they successfully hunted or found the source of food. Gradually, they learnt that to ensure a constant supply of food they can grow the food they need. They also learnt to domesticate animals so that they can get other by products such as milk from the animals besides meat.
The above change allowed a different dimension to people’s life and the society in general. Now they had more time to think about other things as they were spared of the time that was spent in preoccupation of food and searching for food. This change also lead to tremendous sociological effects; people no more had to be nomadic in search of food. They started settling down in one place and started developing that place, forming villages and settlements. Longer they remained in a place the more productive they were. They were able to produce food that was more than what they needed thus they started exchanging the food they had with other commodities. Thus trade and commerce was born.
All these lead to a great improvement in the quality of people’s lives. Along with these the technological improvements those followed have given rise to today’s version of business and economy.
Today, business and economy have attained a global dimension and what happens in one corner of the world has a lot of repercussions on the other end of the world. The modern amenities, transport facilities and the ultra fast communication systems have written a new grammar to business and economy. Out of these were born modern concepts of business and economy and various theories and approaches. The strength of an economy is decided by the availability of labor, capital, natural resources and technology. Those countries that have a good blend of these elements will have stronger economies. However, not all countries have all the basic components but today’s business models have learnt to tap the resources of other countries in a positive creating a win-win situation. Outsourcing is one such winning concept.
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