What is the different between traditional business & modern business ?

What is the different between traditional business & modern business ?

1. What is the different between traditional business & modern business ?
Traditional business was exchange or trade for things people wanted or needed.
Modern business is the the production, distribution, & sale of goods & services for a profit.

2. What is production ?
Production is the creation of services or the changing of materials into products. For example is the conversation of iron one into metal car parts.

3. What is distribution ?
Distribution is movement of products from the factory to the market place. For example a car is moved from a factory in Detroit to a car dealership in Miami .

4. What is sale ?
Sale is the exchange of a products or services for a money. For example a car is sold to someone in exchange for money .

5. What is goods?
Goods are products that ppoeple either need or want . For example car can be classifieds as goods.

6. What are services ?
Services are activities that a person or group perform for another person or organization ? For instance an auto mechanic performs a services when repairs a car . a doctor performs a services by taking care of people when they are sick.

7. What is profit ?
profit is economic surplus is the money that remains after all the expenses are paid.

8. What is the Major Goal of Doing a business ?
The Major goal of doing a business is creating an economic surplus or profit.