Business and Its Role

Purpose of business activity Business activity is the main economic activity. It may involve: Businesses aim to make a profit. So, first,

What's it: A business process refers to a series of interrelated actions, activities, or work to achieve a business goal. They shape the business

The way a business works is basically adding value. They do this by processing inputs into higher-value outputs. Next, assume the business produces

Business plays a vital role in our lives. First, they create goods and services to satisfy our needs and wants. Then, they also recruit

In producing goods or providing services, businesses need resources. We also call it input. Economists call them factors of production. They consist

What's it: A business is an entity or activity involved in producing goods and services to satisfy the consumers' needs and wants. Entrepreneurs