Business 2-3, 2-4, 2-5 Review

An entity that manufactures a product or provides a service is a/an:

• ultimate consumer

• producer

• unsought product

• scarcity

Which terms correctly complete the outline? Select TWO options. Four Consumer Product Classifications i. Shopping ii. Specialty iii. __________ iv. __________

• Convenience

• Unsought

• Service

• Material

• Supply

Products that are easy for consumers to find and buy are:

• convenience products

• shopping products

• specialty products

• sought products

Items that people do not plan on wanting or needing are:

• specialty products

• unsought products

• convenience products

• shopping products

What are examples of materials that are natural products? Select THREE options.

• wheat

• silver

• barley

• coal

• natural gas

What are examples of services? Select THREE options.

• gold mining

• accounting

• television repair

• lawn maintenance

• marketing

A tangible item that has utility, is scarce, and is transferable is an:

• economic service

• economic need

• economic good

• economic want

The total market value of all final goods and services an economy produces in a period of time, within a country’s borders is:

• Net Exports

• Private Consumer Spending

• Gross Domestic Product

• Economic

What are some ways to improve productivity?

• government regulation

• technology

• mass production

• specialization and division of labor

• increasing CRM

A technology system for managing all company interactions with current and potential customers is a/an

• Customer Resource Management System

• Customer Productivity Mangaement

• Customer Efficiency Management System

• Customer Relationship Management System