Business:For me business is anything that makes things happen.Business is an economic activity of producing goods or services and selling them for money (the medium of exchange).Its purpose is to provide society with what it wants and, therefore, satisfy its needs and earn profits. To do business two things are important; 1) Have some sort of investment 2) and customers to sell the production to to make profits. Characteristics of Business: Business creates utility in terms of goods and services to satisfy human desires. Exchange of goods and services in exchange for money. The purpose of the business is to make profits. The element of risk (uncertainty) is the lack of knowledge of irregular future events. Every business requires some form of investment and a sufficient number of customers to whom its output can be consistently sold in order to make a profit. Importance of Statistics in Industry and Business: Statistics can be defined as a basic tool for understanding or managing issues of daily life, in small or large industries. It helps us maintain data that is of great importance to an organization such as the analysis of its capital, pr...