BE Unit 2 Review

Front

What do service businesses sell?

Back

intangible goods and services

Front

A business that buys goods or services and sells them to the ultimate consumer is a:

Back

retailer

Front

A large retailer wants to contribute to the well-being of society. It donates 10% of its proceeds to a charity that helps the environment. The retailer is demonstrating:

Back

social responsibility

Front

Monte works for a grocery store that buys food from producers and then sells it to customers. The grocery store is an example of a:

Back

trade industry

Front

All businesses should be socially responsible to whom?

Back

users

Front

The economic resource where people work to produce goods or services are: capital goods, human resources, natural resources, noneconomic goods

Back

human resources

Front

A form of demand for products in which changes in price correspond to changes in demand is:

Back

elastic

Front

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

Back

surplus

Front

The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

Back

The price will increase, and the supply will increase.

Front

A characteristic of a seller’s market is:

Back

higher prices