Business Essentials Unit 2

Front

A producer is someone who

Back

makes things

Front

Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a

Back

trade industry.

Front

The two main divisions of the trade industry are

Back

wholesalers and retailers.

Front

One way in which many businesses demonstrate their social responsibility toward employees is by providing them with

Back

a safe, secure working environment.

Front

One way in which a business can show its social responsibility is by __________ its profits.

Back

maximizing

Front

What do service businesses sell?

Back

Intangible activities

Front

Burger King and McDonald’s are examples of

Back

direct competitors.

Front

An electronics store charges less for a new television than other electronics stores. The store is engaging in __________ competition.

Back

price

Front

If a consumer chooses to go to the movies rather than to a pizza parlor, then the movie theater and the pizza parlor are

Back

indirect competitors.

Front

What type of market structure is most commonly found in a private enterprise economy?

Back

Monopolistic competition