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What is the difference between the terms'retail' and 'wholesale' in relation to a business?
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The main difference between the terms retail and wholesale is that wholesale refers to the sale of goods or services at a lower price than what is sold to the end consumer, while retail refers to selling directly to consumers. Wholesale typically involves larger quantities of product or service being purchased from a supplier for resale to other businesses or individuals. Retail, on the other hand, usually involves smaller orders and direct sales to customers.