ACC 100 Study Guide - Comprehensive Final Guide: Calcite, Negative Number, Trend Analysis
1 Dec 2016
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Document Summary
It"s the activity of making, buying, or selling goods or providing services in exchange for money. What are the three main business sectors: primary sector the intitial phase in the process of raw materials becoming products and/or services ready to be sold to consumers. Coal mining: secondary sector where raw materials get turned to finalized to be sold. Shoe factories: tertiary sector where finalized products are sold to consumers whom are willing to buy them. The focus will be on the tertiary factor, concerning first on retailers and then wholesalers. A retailer earns profit by reselling goods or providing services to consumers in order to satisfy wants/needs. A wholesaler buys large quantities of goods from manufacturers, warehouses them, and then resells them to retailers. Stakeholders are individuals/groups who either affect the business or are affected by the actions of the business. External stakeholders are outside of the business.
