Article: How To Define A Business
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How To Define A Business
Businesses are everywhere. They are the units that perform most of the economic activity in our economy. Most businesses exist to generate a profit. There are some businesses that exist to perform a function other than profit, such as cooperatives and non-profit organisations. The traditional definition of a business is an entity that brings together time, effort and capital in order to produce a profit.
There are many different ways of classifying businesses but here are the main types:
-Manufacturer. These take raw materials and make finished products, which they then sell. They make a physical good such as a car or a sofa.
-Service businesses do not produce a physical product but offer a service to consumers. They make a profit by charging f...
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