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Flashcards on the nature and aims of business, covering key concepts and classifications.
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Business
Any lawful economic activity concerned with the production and/or distribution of goods or services for profit.
Commerce
Firms engaged in the buying and selling of goods and services.
Industries
Those mainly concerned with production of goods, either for consumption or for use by other businesses.
Genetic Industries
Businesses involved in agriculture, forestry, and fish culture.
Extractive Industries
Businesses involved in extraction of goods from natural resources which include mining, lumbering, hunting, and fishing.
Manufacturing Industries
Those which convert raw materials into finished products.
Construction Industries
Firms engaged in building infrastructures like airports, seaports, dams, and highways.
Service Business
Sells services to buyers; examples include Recreation, Personal, and Finance.
Durable Goods
Items of manufacture which have a relatively short lifetime.
Nondurable Goods
Items with a longer span of lifetime or can be used many times.
Consumer Goods
Goods that are used by a final consumer.
Producer Goods
Goods intended for use of business and industry