Business in the Free Enterprise & the Private Sector

For-profit business

an organization that generates revenue

not-for-profit organization

an organization that exists to serve some public purpose

producer

businesses that create goods and services

extractors

businesses or people that take natural resources from the land

manufacturers

businesses that use supplies from other producers to make products

intermediary

people and businesses that sell the goods and serviceds from producers to customers

wholesaler

a business that purchases large quantities of products directly from produceers and sells the products in smaller quantities to resalers

retailer

businesses that buy products from wholesalers or directly from producers, and sell them to consumers to make a profit

service business

earn profit by providing consumers with services that meet their wants and needs

north american industry classification system (naics)

a numeric system used to classify businesses and collect economic statistics

consumer market

consists of costumers who buy products for their own use

business-to-consumer (B2C)

businesses that sell primarily to individual consumers

business market

consists of customers who buy products for use in a business

business-to-business (B2B)

businesses that sell primarily to other businesses

government market

includes national, state, and local governmental offices and agencies

institution

nonprofit organizations that may be either public or private