2.01-2.02 Business, Society, and Economics- Review

Retailing occurs wherever goods are:

• researched and designed.

• created or manufactured.

• traded or exchanged for other goods.

• sold to consumers or the ultimate customer.

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:

• e-tailing.

• wholesaling.

• social responsibility.

• voluntary merchandise.

All businesses should be socially responsible to whom?

• endorsers

• producers

• providers

• users

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:

• builder.

• trade industry.

• service business.

• raw-goods producer.

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

• manufacturer

• producer

• retailer

• wholesaler

What do service businesses sell?

• raw goods and services

• retail goods and services

• intangible goods and services

• wholesale goods and services

The two main divisions of the trade industry are:

• producers and retailers

• wholesalers and retailers

• wholesalers and producers

• manufacturers and wholesalers

The economic resource where people work to produce goods or services are:

• capital goods

• human resources

• natural resources

• noneconomic goods

Consumers, producers, and owners of resources use money to create a flow of resources, goods, and services through which economic activity?

• consumption

• distribution

• exchange

• marketing

When the prices of iPhones increase, the quantity of iPhones offered for sale will increase. This is an example of the law of:

• equilibrium.

• production.

• shortage.

• supply.