Table of contents:

1.1 What is a business

a business is any entity that indulges in the activity of making, buying, or selling a product in exchange for money or something with money value → every business organization is an independent entity

Resources needed for a business

• human resources (employees)
• physical resources (machines, buildings, etc.)
• financial resources (money to produce goods and services)
• enterprise → the business idea that differentiates one business from another

Sectors in which a business can engage

• extracting raw materials from nature
• creating a product