3 Types of Small Businesses Flashcards
3 types of small Businesses?
Service/Providing
Manufacturing
Trading/Retailing
What is Manufacturing business?
Business that purchases raw materials which converts into product to sell.
What is Manufacturing
Business that purchases product that have already been manufactured and then sells goods to customers for higher price to make profit.
Example of what Manufacturing business does
Example is making greeting cards which you then sell to the shop.
Example of Manufacturing
Example is making greeting cards which you then sell to the shop.
What is Trading/Retailing?
Business that purchases product that have already been manufactured and then sells goods to customers for higher price to make profit.
Example of Trading/Retailing Business
Example is a small business that sells clothes, shoes, books
