Chapter 3: Basic Economic Concepts Test

The companies that make the goods are known as:

• Retailers

• Manufacturers

• Consumers

• Producers

The companies that sell merchandise in small quantities to consumers are known as:

• Retailers

• Manufacturers

• Producers

• Consumers

What is known as the intangible activities that are performed for people?

• Goods

• Services

• Providers

• Supply

The amounts of good or service that consumers are willing to buy is known as supply!

• True

• False

Which competitive market structure has only a few large rival firms offering the same products?

• Oligopoly

• Monopoly

• Sole Proprietorship

• Pure Competition

The 6 RIGHTS assist businesses in achieving high profits. These RIGHTS are known as:

• Marketing Mix

• Target Market

• Merchandise Blend

• The Free Market System

A competitive market structure that has no competitors and one company that controls products and prices is known as a:

• Corporation

• Monopoly

• Pure Competition

• Sole Proprietorship

When two or more persons are the owners of a business, the business organization is known as a:

• Sole Proprietorship

• Partnership

• Corporation

• Oligopoly

When one person is the owner of a business, the business organization is known as a:

• Sole Proprietorship

• Partnership

• Corporation

• Oligopoly

The process of finding or creating a profitable market for goods and services is known as:

• Marketing

• Merchandising

• Manufacturing