What three broad categories cover all types of businesses?
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Question: What three broad categories cover all types of businesses?
The three broad categories that cover all types of businesses are:
- Service businesses: These businesses provide intangible products, such as professional services, advice, and entertainment. Examples of service businesses include accounting firms, law firms, consulting firms, restaurants, and hotels.
- Goods businesses: These businesses buy and sell physical products. Examples of goods businesses include retail stores, wholesale distributors, and manufacturers.
- Extraction businesses: These businesses extract natural resources from the earth, such as oil, gas, minerals, and agricultural products. Examples of extraction businesses include oil companies, mining companies, and farms.
These three categories are not mutually exclusive. For example, a restaurant is a service business, but it also sells goods in the form of food and drinks. A manufacturing company is a goods business, but it also provides services to its customers, such as after-sales support.
The three broad categories of businesses can be further subdivided into more specific industries. For example, the service business category can be subdivided into industries such as professional services, healthcare, and financial services. The goods business category can be subdivided into industries such as retail, manufacturing, and agriculture. The extraction business category can be subdivided into industries such as oil and gas, mining, and forestry.
By understanding the three broad categories of businesses and their subdivisions, you can gain a better understanding of the global economy. You can also use this information to identify businesses that are of interest to you and to pursue a career in a particular industry.
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