What is a business?

Products at the checkout in a supermarket
Supermarkets sell goods - physical products you can see and touch.

A business is an individual or organisation that makes goods or provides services. Examples of businesses include supermarkets and hairdressers.

Hair being cut
Hairdressing is a service - something that cannot be seen or touched.

A business can provide both goods or sevices:

Goods are physical products that can be seen or touched. Examples of what are called tangible goods are a television, chocolate bar or a hairdryer.

Services are provided by businesses but cannot be seen or touched. Examples of what are called intangible services are cutting hair, driving a taxi to take people somewhere, or screening a film in cinema.