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is the term for all the activities involved in developing and exchanging products.
Business
is a numeric system used to classify businesses and collect economic statistics.
North American Industry Classification System (NAICS)
are businesses that earn income by buying products from wholesalers or directly from producers and selling them to consumers. Consumers are also called end users.
Retailers
market. For example, a computer-sales business sells computer systems to a law firm. The employees of the law firm will use the computers for various business activities. This is a B2B sale.
business-to-business (B2B)
s an association of two or more persons who co-own a business with the objective of earning a profit.
partnership
is the earnings that a business receives for the goods and services it sells.
Revenue
are businesses or people that remove natural resources from the land. Natural resources are also called raw materials. Extractors sell natural resources to manufacturers.
Extractors
is a business that sells services to consumers or other businesses.
service business
includes national, state, and local governmental offices and agencies. Government customers buy a wide variety of products.
government market
is a written contract that establishes a partnership. Partnership agreements can be prepared by the business partners or by an attorney. Most experts recommend the services of an attorney.
partnership agreement,
are the costs involved in operating a business.
Expenses
are businesses that use materials from other producers to make products. Some manufacturers use raw materials purchased from extractors.
Manufacturers
consists of customers who buy products for their own use.
consumer market
are nonprofit organizations that may be either public or private.
Institutions
A corporation is defined by the US Supreme Court as “an artificial being, invisible, intangible, and existing only in contemplation of the law.
corporation
is the difference between the income earned during a specific period of time and the expenses incurred during the same period. Profit is also called net income
Profit
Intermediaries make sure goods and services are in the right place at the right time to meet consumer needs and wants. Wholesalers and retailers are the most common intermediary businesses.
intermediaries
Businesses in the consumer market are some of the most familiar and well-known businesses. Customers in the consumer market buy clothes, cars, gifts, and many other products and services. Most of the commercials on television are aimed at the consumer market.
business-to-consumer (B2C)
is a business that is owned and often operated by a single individual.
proprietorship
is a form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships
limited liability company (LLC)
is an organization that exists to serve some public purpose. The money it raises is used to support a cause rather than make money for its owners.
organization
is a business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers.
wholesaler
consists of customers who buy products for use in a business.
business market
means legal responsibility. Unlimited liability means the business owner is held personally responsible for all debts and losses of the business.
Liability
is a person who owns and operates a business. Entrepreneurs have always played a key role in the growth and success of the American economy.
entrepreneur