1. IS A SOCIAL ARRANGEMENT THAT ALLOWS BUYERS AND SELLERS TO DISCOVER INFORMATION AND COMPLETE VOLUNTARY EXCHANGES OF GOODS AND SERVICES

2. BUSINESS BRING "SPECIALIZED" PEOPLE, EQUIPMENT, AND OTHER RESOURCES TOGETHER AND COORDINATE THE PRODUCTION OF GOODS AND SERVICES

3. IS DEFINED AS A BENEFIT OR COST THAT IS IMPOSED ON A THIRD PARTY, SUCH AS SOCIETY, OTHER THAN THE PRODUCER OR CONSUMER OF A GOOD OR SERVICE, OR, MORE SIMPLY, AN ECONOMIC SIDE EFFECT

4. THIS MEANS THAT AS A BUSINESS GROWS AND PRODUCTION UNITS INCREASE, A BUSINESS WILL HAVE A BETTER CHANCE TO DECREASE ITS COST.

5. AN ACT OF TRADING SOMETHING OF ECONOMIC VALUE SUCH AS A GOOD SERVICE, INFORMATION, OR MONEY BETWEEN TWO ENTITIES.