GENERAL KNOWLEDGE

Detailed explanation-1: -The terms “domestic goods” refers to products made by firms in other countries-false. with mass production, the cost of goods manufactured increases for each product made.

Detailed explanation-2: -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-3: -The demand of a product refers to the number of similar products that will be offered for sale at a particular time and at a particular price. The majority of workers in this country are employed by large businesses.

Detailed explanation-4: -Commercial business is an activity conducted by companies to provide goods or services for sale. Commercial business includes the activity done outside of manufacturing or producing the products.

Detailed explanation-5: -An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.