GENERAL KNOWLEDGE

Detailed explanation-1: -Marketing is a process of buying and selling of products and services in exchange of consideration to satisfy the consumer’s needs. It consists of all those activities that a seller undertakes, in order to ensure that a company is able to sell the product at a price that gives them adequate profit in returns.

Detailed explanation-2: -production is another function it is any activity related to making a product.

Detailed explanation-3: -Dealing in goods and services – Business deals with goods and services. The goods can be of two kinds – (a) Consumer goods (e.g. milk, sugar, T.V. etc.), and (b) Producer goods (e.g. machines, tools etc.) Business also deals with services (e.g. transport, insurance, banking etc.)

Detailed explanation-4: -What Is Economics? Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.