Business, complex economic operations concerning those functions that govern the production, distribution, and sale of goods and services for the benefit of the buyer and the profit of the seller. The economic transformation ushered in by the Industrial Revolution brought with it new and constantly changing ways of conducting business, and the creation of new forms of business organization that themselves have subsequently evolved to a greater or lesser degree. The main forms of business organization are described below.

Business

Cartel

I INTRODUCTION Cartel, formal or informal agreement among business firms designed to reduce or suppress competition in a particular market. Cartels control production and distribution.

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Industry

I INTRODUCTION Industry, the long-term changes in types and distribution of global economic activity. In everyday usage, the term “industry” refers to large manufacturing companies,

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