What Is A Business?
Year 10 Business & Economics Homework/ HaSaN!
Every Business Has: Consumers, Suppliers, Customers And a Market. I am going to be explaining what those are and the purpose behind them.
1. What is a consumer?
The consumer is the one who pays to consume the goods and services produced. As such, consumers play a vital role in the economic system of a nation. In the absence of effective consumer demand, producers would lack one of the key motivations to produce: to sell to consumers. The consumer also forms part of the chain of distribution.
2. What is a Supplier?
A supplier is a business or individual that supplies your business (you) with products or services that you use in your business.
For example, let's say you are a bakery. Some of your suppliers could be a flour milling company (supplying you with flour), the electricity company (supplies you electricity), a farming business (supplies you with various grains like wheat, corn, spelt, etc.). These are all suppliers.
3. What is a Customer?
A customer (sometimes known as a client, buyer, or purchaser) is the person of a good, service, product, or idea, obtained from a seller, vendor, or supplier to sell on and make profit or other valuable consideration.
4. What is a Market?
A market is one of the many varieties of social relations and deals whereby parties engage in exchange. While parties may exchange goods , most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established.