The Nature of Business

The Main Function of a business:

A business’ primary goal is to make a profit by satisfying the want and needs of consumers.

Production is the process and activities undertaken by the business that combine resources to create products that satisfy customers needs and wants.

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

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

Services (intangible) are things done for you by others.