PBMF Chapter 4.1 & 4.2

A for-profit business...

• Is an organization that generates revenue

• Is an organization that exists to serve some public purpose

A not-for-profit organization...

• Is an organization that generates revenue

• Is an organization that exists to serve some public purpose

Producers are...

• Businesses that create goods and services

• Businesses or people that take natural resources from the land

• Businesses that use supplies from other businesses to make products

Extractors are...

• Businesses that create goods and services

• Businesses or people that take natural resources from the land

• Businesses that use supplies from other businesses to make products

People and businesses that sell the goods and services from producers to consumers are what?

• Intermediaries

• Wholesalers

• Manufacturers

• Producers

Individuals that purchase large quantities of products directly from producers and sell the products in smaller quantities to retails are known as?

• Intermediaries

• Wholesalers

• Manufacturers

• Producers

Retailers​ ___ products from wholesalers or directly from producers and​ ___ them to consumers to make a profit

• buy
• sell
• Create

Service business earns profits by providing consumers with services that meet their...

• needs and wants

• desires and dreams

The North American Industry Classification System is a...

• Numeric system used to classify businesses and collect economic statistics

• Business that is owned and often operated by multiple individuals

The consumer market consists of customers who buy products for their own use... True or False?

• True

• False