BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations.
Detailed explanation-2: -industry, group of productive enterprises or organizations that produce or supply goods, services, or sources of income. In economics, industries are generally classified as primary, secondary, tertiary, and quaternary; secondary industries are further classified as heavy and light.
Detailed explanation-3: -Examples of industries include banks, asset management companies, insurance companies, and brokerages. Companies that fall into the same industry offer similar products or services and compete for customers who require them.
Detailed explanation-4: -An industry is a group of companies with similarities in the business activities they conduct and the products or services they sell. For example, some process raw materials or manufacture goods while providing specific services. As a whole, industry refers to the production of an economic good or service.
Detailed explanation-5: -Answer: Business refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities.