What is the definition of "business"?
A business is an organization or economic system where goods and services are traded for one another or money.
Every business requires some form of investment and enough customers to whom its outputs are sold to make a profit.Businesses can be privately owned, not-for-profit, or state-owned. An example of a corporate business is PepsiCo, while a mom-and-pop catering business is a private enterprise.
What are the main types of businesses?
There are three major types of businesses:
1. Service Business
A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.Examples of service businesses are salons, repair shops, schools, banks, accounting firms, and law firms.
2. Merchandising Business
This type of business buys products at wholesale prices and sells the same at retail prices. They are known as "buy and sell" businesses. They make a profit by selling the products at rates higher than their purchase costs.A merchandising business sells a product without changing its form. Examples are grocery stores, convenience stores, distributors, and other resellers.
3. Manufacturing Business
Unlike a merchandising business, a manufacturing business buys products to use them as materials in making a new product. Thus, there is a transformation of the products purchased.A manufacturing business combines raw materials, labor, and factory overhead in its production process.
What is a calculator?
According to Wikipedia: A calculator is a machine that allows people to do math operations more efficiently. For example, many calculators will add, subtract, multiply, and divide. Some also calculate square roots, and more complex calculators can help with calculus and draw function graphs. Calculators are ubiquitous. Smartphones and other computers can also serve as a calculator.
Some calculators, such as the abacus, will work without requiring batteries. Others, like the electronic calculator, need batteries. There are two main types of electronic calculators: simple calculators—which can only add, subtract, multiply and divide, and sometimes take square roots—and scientific calculators—which can do many other things, such as calculate factorials and trigonometry functions.
