35. In restaurants where the food itself is
the product sold and the catering is the
service provided.
(1 Point)
(a) Hybrid business
(b) Product business
(c) Service business
(d) None
Answers
Answer:
(b) Product business
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Explanation:
Answer:
Business is an economic activity which is related with
continuous and regular production and distribution
of goods and services for satisfying human wants.
Businesses can be for-profit entities or nonprofit
organisations. Businesses cater to the needs of the
society. But sometimes we find that there is a gap
between what is needed and is available. This gap can
be used as an opportunity by some people who are
ready to take risk and fill the gap by providing necessary
products and services. Such people are entrepreneurs.
An entrepreneur is a person who is self-employed,
is willing to take a calculated risk and brings in a new
idea to start a business. It is, however, important to
understand that all self-employed persons are not
entrepreneurs, for example, a shopkeeper cannot be
called an entrepreneur unless he/she introduces a new
method or idea in the business.
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