What term refers to the item made by a business and sold to customers?

What term refers to the item made by a business and sold to customers?

• A. Service
• B. Product
• C. Goods
• D. Offering

Answer: (B)

The term that refers to the item made by a business and sold to customers is "Product." A product encompasses tangible items that are manufactured or created for sale in the marketplace. This can include physical goods such as electronics, clothing, or food. Understanding this term is critical because it distinguishes between the various types of transactions in a business context. While "goods" does have a similar meaning, it is often used to refer specifically to physical items, while "product" can also include services, which are intangible offerings. A product can not only be goods but also encompass services that fulfill customer needs. On the other hand, "service" is used to describe actions or activities provided that deliver value to customers but do not result in the ownership of a tangible item. Additionally, "offering" is a broader term that can encompass both products and services provided by a company. However, in this context, "Product" most accurately defines an item created by a business for sale.

The term that refers to the item made by a business and sold to customers is "Product." A product encompasses tangible items that are manufactured or created for sale in the marketplace. This can include physical goods such as electronics, clothing, or food.

Understanding this term is critical because it distinguishes between the various types of transactions in a business context. While "goods" does have a similar meaning, it is often used to refer specifically to physical items, while "product" can also include services, which are intangible offerings. A product can not only be goods but also encompass services that fulfill customer needs.

On the other hand, "service" is used to describe actions or activities provided that deliver value to customers but do not result in the ownership of a tangible item. Additionally, "offering" is a broader term that can encompass both products and services provided by a company. However, in this context, "Product" most accurately defines an item created by a business for sale.