Day 3: The Nature of Business

1. Nature of Business 2.5%
• using inputs - materials - labor
• create outputs - goods - services
• to make a profit - earnings minus costs
2. Types of Businesses 7.5%

   
   

   • service - provides service for a fee
   • merchandising - wholesaler sells goods to a retailer - retailer sells goods to a consumer
   • manufacturing - creates / assembles goods