Final answer:
A business model describes how a company produces, delivers, and sells a product or service to create wealth, including ethical conduct and social responsibilities.
Step-by-step explanation:
A business model describes how a company produces, delivers, and sells a product or service to create wealth. This includes how businesses interact in the market for goods and services, the exchange of goods and services for revenue, and the exchange of labor and other resources for wages and other factor payments. A business model also may include how a company conducts itself in terms of ethics and social responsibility, as well as how it maintains trust and goodwill. Additionally, franchising can be seen as a manifestation of a business model, where a franchisee pays for the rights to operate under the established systems of the franchisor.