Retail Sector Impact and Functions

The video tutorial explains the concept of retail, its business model, and its importance to the economy. Retail is the final step in the distribution of merchandise, selling directly to consumers. The business model involves buying in bulk and selling at a profit. Retail is crucial for the economy, being a major employer and contributing significantly to GDP. It also provides convenience for consumers.

What is the final step in the distribution of merchandise according to the North American Industry Classification System?

• Retailing

• Wholesaling

• Transporting

• Manufacturing

Which of the following is NOT a type of non-store retailer?

• E-commerce businesses

• Mail order houses

• Brick and mortar stores

• Vending machine operators

How do retailers typically make a profit?

• By manufacturing their own products

• By buying in large quantities at low prices and selling in small quantities at higher prices

• By buying in small quantities and selling in large quantities

• By selling in large quantities at low prices

Which of the following is NOT a function performed by retailers?

• Product sourcing

• Store operations

• Marketing and branding

• Product manufacturing

What percentage of retail establishments in the US employ less than 10 employees?

• 50%

• 70%

• 100%

• 90%

What is the main source of income for many families operating small retail businesses?

• Government subsidies

• Retail sales

• Investment income

• Manufacturing

How many jobs does the retail sector support in the US according to the National Retail Federation?

• 32 million

• 92 million

• 52 million

• 72 million

What was the direct impact of retail on the US GDP according to a PWC study from 2018?

• $1.2 trillion

• $2.4 trillion

• $1.6 trillion

• $2.0 trillion

What percentage of the US economy is represented by the retail sector's impact on GDP?

• 5.5%

• 6.6%

• 7.7%

• 8.8%

From a customer's perspective, what is a key benefit of the retail industry?

• Higher quality products

• Better customer service

• Lower prices

• Convenience in fulfilling daily shopping needs