types of businesses

Question 1

definition of business

Answer 1

the organised effort of individuals to produce and sell for a profit, the products that satisfy individuals needs and wants.

Question 2

sole trader

Answer 2

an owner of a business, one person only.

Question 3

geographical spread

Answer 3

the distribution of something across a geographical area, indicating how widely something is present or has reached

Question 4

local business

Answer 4

a business that sells its products and services to consumers in its own city, town, or geographic area

Question 5

national business

Answer 5

a business that operates within the borders of a particular country

Question 6

international business

Answer 6

the trade of goods and services, technology, capital and/or knowledge across national borders and at a global or transnational scale.

Question 7

role of business

Answer 7

To organize economic production of goods and services, fulfilling consumer needs and wants while contributing to economic growth and societal well-being.