1.1 What is a business?

What is a business?

• A person's regular occupation, profession, or trade.

• A commercial activity

• Any organization that uses resources to meet the needs of customers by providing a product or service that they demand.

• A person's concern.

refers to the increased utility of a product as seen by the customer.

The physical and tangible goods sold to the general public.

The knowledge, skills and experiences of individuals who have the capability to manage the overall production process.

Firms that manufacture and process products from natural resources are in which sector?

• Primary sector

• Secondary sector

• Tertiary Sector

• Quaternary sector