Question

What is the meaning of the term 'Business'? Explain the policies of business with reference to product buying and selling price.

Answer 1

Answer:

An organization or economic system where goods and services are exchanged for one another or for money.

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.

Businesses can be privately owned, not-for-profit or state-owned