B.E. 2.01 Vocab

Match the following

• Producers

• The people who make or provide goods and services.

• Builders

• A type of producer that constructs roads, bridges, buildings, houses, etc.

• Raw-goods producer

• A type of producer that changes the shapes or forms of materials so that they will be useful to consumers.

• Manufacturer

• A type of producer that provides goods in their natural state.

A "brick and mortar" business is a business that operates out of a (a)   facility.

• physical
• virtual
• online
• mobile

Who are considered consumers in the business world?

• People who produce goods

• People who distribute goods

• People who use goods and services to satisfy their wants

• Businesses that buy goods for resale

What is the primary function of a manufacturer?

• Selling products online

• Changing materials into forms useful to consumers

• Transporting raw materials

• Retailing goods

What is social responsibility?

• The obligation of businesses to maximize profits

• The duty of businesses to contribute to the well-being of society

• The process of creating goods for society

• A government mandate for all businesses

Which term describes businesses that buy and sell goods to others?

• Service businesses

• Retailers

• Trade industries

• Consumers

Which of the following best differentiates retailers and wholesalers?

• Retailers sell to ultimate consumers, while wholesalers sell to other businesses.

• Retailers operate online, and wholesalers operate in physical locations.

• Retailers manufacture goods, and wholesalers distribute them.

• Retailers deal with services, and wholesalers deal with goods.

Which type of producer provides goods in their natural state?

• Manufacturer

• Builder

• Raw-goods producer

• E-tailer

Why might an e-tailer have lower operating costs compared to a brick-and-mortar business?

• They manufacture their own products.

• They don’t require physical retail space.

• They sell only to wholesalers.

• They do not pay taxes.

Which of these is NOT an example of a service business?

• A law firm

• A software company offering subscriptions

• A grocery store

• A tutoring service