Explain the significance of each of the following major fields of business activity: manufacturing, wholesaling, retailing.

Manufacturing is the process of transforming raw resources into a form that customers can utilize. A picture frame maker creates completed items out of wood and glass. A baker is someone who transforms flour, sugar, and spices into pies and cakes. Manufacturing, more than any other industry, lends itself to large-scale operations. This is due to the fact that many of these businesses, such as automotive manufacturing, require significant quantities of money and a big number of employees to get started.

Explanation:

Wholesalers purchase items from extractive or manufacturing firms and resell them to other businesses. They often acquire in big numbers before selling in tiny ones.

Retailers purchase items from wholesalers, manufacturers, and extractive companies and sell them to customers. Most people associate retail with a store where they may purchase products.