Which are the four basic categories of business?

1.	Which are the four basic categories of business?
Answer» Any kind of business will fall into one of the four basic categories: (i) Manufacturing It makes a tangible product. (ii) Wholesale It buys products in bulk from the manufacturers to be sold in smaller lot to retailers. (iii) Retail It sells the product directly to the final consumer for final satisfaction. (iv) Service It sells intangible such as time or expertise.

Answer»

Any kind of business will fall into one of the four basic categories:

(i) Manufacturing It makes a tangible product.

(ii) Wholesale It buys products in bulk from the manufacturers to be sold in smaller lot to retailers.

(iii) Retail It sells the product directly to the final consumer for final satisfaction.

(iv) Service It sells intangible such as time or expertise.

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