B.E. 2.01 and 2.02 Review

 The two main divisions of the trade industry are:

•  producers and retailers.

•  wholesalers and retailers.

•  wholesalers and producers.

•  manufacturers and wholesalers.

 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.

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

Retailing occurs wherever goods are:

• researched and designed.

• created or manufactured.

• traded or exchanged for other goods.

• sold to consumers or the ultimate customer.

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.

All businesses should be socially responsible to whom?

• endorsers

• producers

• providers

• users

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

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.

 The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

•  The price will increase, and the supply will increase.

•  The price will decrease, and the supply will increase.

•  The price will increase, and the supply will decrease.

•  The price will decrease, and the supply will decrease.

A characteristic of a seller’s market is:

• lower profits.

• higher prices.

• larger supply.

• smaller demand.