The Nature of Business - Intro to Business

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4 Terms

1
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What is a product

A product is a good or service that can be bought or sold

2
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What is a Good

Goods (tangible) are items that can be seen or touched

3
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What is a service

Services (intangible) are things done for you by others

4
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What is the definition of a business

A business is the combined effort of individuals in order to produce and sell, for a profit, the goods and services that satisfy the needs and wants of the consumer