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1. What Is One of Modern Definition of Business? 2. How Does This Modern Meaning of Business Differ from the Traditional One? 3. What

Вопрос

1. What is one of modern definition of business? 2. How does this modern meaning of business differ from the traditional one? 3. What factors have brought about these changes? 4. What does production involve? 5. What example of distribution is given in the reading? Can you think of another example? 6. How do goods differ from services? 7. In addition to production , distribution, and sale, what other factor is important in defining business? 8. What is a profit?In general, what do companies do with their profits?

Решения

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Ответ

1. One of the modern definitions of business is the activity of making, buying, and selling goods and services with the aim of making a profit.2. The modern meaning of business differs from the traditional one in that it is more focused on innovation, technology, and global competition. The traditional definition of business was more focused on the physical production of goods and services.3. The changes in the definition of business have been brought about by factors such as technological advancements, globalization, and the rise of the digital economy.4. Production involves the process of creating goods or services that meet the needs and wants of consumers. This can involve a variety of activities, such as manufacturing, farming, or providing a service.5. An example of distribution given in the reading is the process of getting a product from the manufacturer to the consumer. Another example could be the process of delivering a service, such as a ride-sharing service.6. Goods are physical items that can be touched and held, such as a car or a book. Services are intangible and involve providing a task or a service, such as a haircut or a consultation.7. In addition to production, distribution, and sale, another important factor in defining business is marketing. Marketing involves promoting and selling products or services, and it is a crucial part of any business.8. Profit is the financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity. Companies typically use their profits to reinvest in the business, pay dividends to shareholders, or save for future use.