BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Consumers are individuals and organizations that determine what products and services will be available for sale. Economic resources are the means through which goods and services are produced.

Detailed explanation-2: -A retailer sells products and services directly to the public in person, online, or through a combination of both. Retailers purchase goods from manufacturers and wholesalers and resell them to customers for a profit.

Detailed explanation-3: -An organization that produces or distributes a good or service for profit is called a business.

Detailed explanation-4: -Many companies use market research to test out new products or to get information from consumers about what kinds of products or services they need and don’t currently have. For example, a company that was considering going into business might conduct market research to test the viability of its product or service.

Detailed explanation-5: -Adam Smith’s writings influence economics today as he believed wealth is created via labor, and self-interest spurs people to use their resources to earn money. Smith’s theories that economies thrive when competition, capitalism, and a free market, are alive and well in the 21st century.