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What is the difference between the terms'retail' and 'wholesale' in relation to a business?
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The primary distinction between wholesale and retail is that wholesaling involves buying goods at a lower price from a supplier and then selling them to a retailer or other customer at a higher price. This can include either an individual consumer or another business, such as a restaurant. On the other hand, retail refers to the sale of products directly to consumers for personal use or consumption, typically through stores or outlets.