business class

Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a
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Terms in this set (26)
Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a
trade industry.
Retailing takes place whenever goods are
sold to the ultimate consumer.
Which of the following statements about wholesale trade businesses is true:
They operate from a variety of business premises.
They operate from a variety of business premises.
service business
Determine whether the following statement is true or false: Trade industries all have the same form of ownership.

Standard(s)
False; they may be independent or belong to a chain.
The connection between the social responsibility of a business and the community in which the business operates is that the business's social responsibility __________ the community.
has an effect on
A business that produces a product should be socially responsible to the __________ of the product.

Standard(s)
users
A socially responsible business will attempt to give customers
the best products at the best prices.
One way in which a business can show its social responsibility is by __________ its profits.

Standard(s)
maximizing
A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating
social responsibility
Which of the following determines whether consumers can purchase goods or servicesbuying powerWhich of the following is a factor affecting a product's utility to the individual customer: Standard(s)consumer's ageA team of employees is responsible for researching potential demand for a business's brand-new product. The factor that is most likely to affect demand for this product is theinelasticEven though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?inelasticThe heart of economics isdecision-makingDistribution examines how income is divided betweenproducers and resource owners.Consumers are typically most willing to pay more for goods and services that bring them greater Standard(s)satisfactionMarcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of Standard(s)demandJeremy has $15,000 to spend on a new car. He found a car that cost $14,500, but he did not think the car was worth more than $12,000. The dealer told Jeremy that he has not been able to sell this model because other customers have expressed the same opinion as Jeremy. Does demand for this car exist?No, because consumers are not willing to pay the price being asked for this carWhen the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law ofsupplyDemand for a good is more likely to be elastic when the good isa luxuryOrlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando's product iselasticMarc wants to figure out how much changes in price will affect his business's sales, so he pelasticityA local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?Buyer'sYour business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?The price will increase, and supply will increase.The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is Standard(s)supply