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One definition of business is the production, distribution, and sale of goods and services for a profit. To examine this definition, we will look at its various parts.
1_______. One example is the conversion of iron ore into metal car parts. Next, these products need to be moved from the factory to the marketplace. 2_______. A car might be moved from a factory in Detroit to a car dealership in Miami.
3_______. Sale is the exchange of a product or service for money. A car is sold to someone in exchange for money. Goods are products which people either need or want; for example, cars can be classified as goods. 4_______. For instance, an auto mechanic performs a service when he repairs a car. A doctor also performs a service by taking care of people when they are sick.
First, production is a creation of services or the changing of materials into products
This is known as distribution
Third is the sale of goods and services
Services, on the other hand, are activities which a person or group performs for another person or organization