Business Essentials 2.02

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

• social responsibility.

• wholesaling.

• voluntary chains.

• e-tailing.

Which of the following is an example of an economic want:

• Clothing

• Fresh air

• Understanding

• Conversation

Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product.

• shopping

• Capital

• Convenience

• Specialty

A company that transforms cotton into wearable clothing is considered a

• manufacturer.

• raw-goods producer.

• service business.

• builder.

What do service businesses sell?

• Retail merchandise

• Intangible activities

• Raw goods

• Wholesale merchandise

A socially responsible business will attempt to give customers

• the best products no matter what they cost.

• the best products at the best prices.

• lower quality products at reduced prices.

• high-quality products at high prices.

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of

• supply

• demand

• elasticity

• market price

A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?

• Parts

• Equipment

• Materials

• Supplies

An example of a noneconomic want would be the desire for

• police protection.

• a college education.

• concert tickets.

• a friend.

The price of complementary products has an effect on

• elasticity.

• supply.

• utility.

• demand.