GENERAL KNOWLEDGE

Detailed explanation-1: -A manufacturing business is any business that uses components, parts or raw materials to make a finished good. These finished goods can be sold directly to consumers or to other manufacturing businesses that use them for making a different product.

Detailed explanation-2: -A business is a privately owned organization that produces goods and services and then sells them.

Detailed explanation-3: -Businesses seek to make a profit. Without a profit, a company cannot survive. The wealth created by businesses benefits the entire community because businesses pay taxes and provide jobs.

Detailed explanation-4: -Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals.