ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The term business-to-consumer (B2C) refers to the process of selling products and services directly between a business and consumers who are the end-users of its products or services.

Detailed explanation-2: -Cost of sales (also known as “cost of goods sold") refers to the cost required to manufacture or purchase a product that is then sold to a customer. Essentially, the cost of sales refers to what the seller has to pay in order to create the product and get it into the hands of a paying customer.

Detailed explanation-3: -Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This amount includes the cost of the materials and labor directly used to create the good.

Detailed explanation-4: -Trade is the art of buying and selling goods and services. It helps people to make money. It can be done within a country as well as with other countries of the world.