The main concepts of business

A company is also called a firm or a business. While it is producing goods or trading, it is said to be in business. A firm which is just starting up is going into business and a company which stops operating goes out of business. If a company gets bigger, it expands. The expansion of a firm means it can produce more goods or sell more of its products. A manufacturer (or manufacturing company) produces goods. The goods it makes are its products. When a manufacturing company expands, it usually increases production. If one year it produces 110 tones, it has increased production by 10%. A company which sells goods in large quantities (in bulk) is called a wholesale distributer (or wholesaler). A company or person buying goods in bulk (or wholesale) and selling them in small quantities is a retailer. Most local shops are retailers and sell goods retail.