Business Essentials Unit 2 Review

What do service businesses sell?

• raw goods and services

• retail goods and services

• intangible goods and services

• wholesale goods and services

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

• manufacturer

• producer

• retailer

• wholesaler

The retailer is demonstrating:

• e-tailing

• wholesaling

• social responsibility

• voluntary merchandise

The two main divisions of the trade industry are:

• producers and retailers

• wholesalers and retailers

• wholesalers and producers

• manufacturers and wholesalers

The grocery store is an example of a:

• builder

• trade industry

• service business

• raw-goods producer

Retailing occurs wherever goods are:

• researched and designed

• created or manufactured

• traded or exchanged for other goods

• sold to consumers or the ultimate customer

All businesses should be socially responsible to whom?

• endorsers

• producers

• providers

• users

Economic resources that help people be more productive are:

• human resources

• natural resources

• capital goods resources

• nonrenewable resources

A characteristic of a seller’s market is:

• lower profits

• higher prices

• larger supply

• smaller demand

A form of demand for products in which changes in price correspond to changes in demand is:

• consumer

• elastic

• equilibrium

• inelastic