Now that you are able to differentiate between employed and self-employed, let's talk about what the word 'business' means . Businesses are important to an employed person because with a sustaining business, an employed person will continue to be employed.
Broken apart, business is is a combination of the following:
The resources or also known as the 'Factors of Production' are explained below:
The factors of production are essential to help businesses produce the following: