A business is an organization that seeks to earn profits by providing one or more of the factors of production to consumers.

Question

Quizplus · Accepted Answer

A business is an organization that seeks to earn profits through the sale of goods or services to consumers, not by providing factors of production. Factors of production (land, labor, capital, and entrepreneurship) are inputs used in the production process to create goods or services, not the end products or services themselves that businesses offer to consumers.

A Business Is an Organization That Seeks to Earn Profits