Econ Lesson 1 Business in Society

A producer is someone who

• sells products

• is very creative

• makes things

• employs others

Farms, mines, and lumber companies are examples of

• builders

• manufacturers

• trade industries

• raw goods producers

A company that transforms cotton into wearable clothing is considered a

• raw goods producer

• manufacturer

• service business

• builder

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?

• a builder

• a raw goods producer

• a manufacturer

• a trade industry

Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a

• trade industry

• service business

• raw goods producer

• builder

The two main divisions of the trade industry are

• producers and retailers

• manufacturers and wholesalers

• wholesalers and retailers

• wholesalers and producers

Determine whether the following statement is true or false: Trade industries all have the same form of ownership.

• True; they all belong to a chain.

• True; they all belong to a chain.

• False; they may be corporations or partnerships.

• False; they may be independent or belong to a chain.

Which of the following describes the services offered by trade industries:

• they are always limited

• they vary from day to day

• they are always full line

• they may be limited or full line

Businesses in trade industries that offer discount prices usually offer

• full services

• limited services

• plush interiors

• elaborate fixtures

Businesses in trade industries that offer discount prices usually offer

• offered for sale

• exchanged for other goods

• sold to the ultimate consumer

• sold in a retail establishment