1. Who does a retail company sell products to? (Select the best answer.)
- Wholesalers
- Manufacturers
- End consumers
- Producers
2. Staple goods and impulse goods are examples of which type of consumer good? (Select the best answer.)
- Specialty
- Convenience
- Unsought
- Shopping
3. An improvement that makes a product satisfy its purpose better is an improvement to the product's ____________ utility. (Select the best answer.)
- Information
- Place
- Possession
- Form
4. Which industry takes materials and transforms them into new tangible, physical products? (Select the best answer.)
- Wholesaling
- Manufacturing
- Extractive
- Service
5. A mining company is part of what industry? (Select the best answer.)
- Extractive
- Manufacturing
- Wholesaling
- Service
6. A company that lowers its costs per unit by selling more units overall has improved what? (Select the best answer.)
- Its economies of scale
- The product's market saturation
- The product life cycle
- Its economic utility
7. The set of companies a product goes through on the way to the consumer is called the ______________. (Select the best answer.)
- Economic utility
- Cottage industry
- Market saturation
- Distribution chain
8. A home-based business is part of what industry? (Select the best answer.)
- Service industry
- Cottage industry
- Retail industry
- Wholesale industry
9. What is a market? (Select the best answer.)
- A system that allows people or companies to buy and sell products and services
- The number of companies willing to manufacture a specific product
- The ability to buy production materials in large quantities and save on costs
- A product's ability to satisfy a consumer
10. _____________ is when a product is sold from the manufacturer to the end consumer, with no wholesale or retail companies in between. (Select the best answer.)
- Direct distribution
- Extraction
- Hospitality
- Subcontracting
11. A hotel is part of what industry? (Select the best answer.)
- Service
- Wholesaling
- Subcontracting
- Cottage
12. By offering delivery of a large, heavy product, a company can improve the product's _____________ for the consumer. (Select the best answer.)
- Market saturation
- Economies of scale
- Durability
- Possession utility
13. What is a saturated market like for sellers? (Select the best answer.)
- Consumer demand is higher.
- It contains more available consumers.
- It is more competitive.
- It encourages companies to produce more of the product.
14. Which of the following goods is commonly considered a staple convenience good by many people in the U.S.? (Select the best answer.)
- A car
- Toilet paper
- A television
- Specialty doughnuts
15. Which of the following is a way to improve a company's economies of scale? (Select the best answer.)
- Selling fewer products
- Promoting unsought goods
- Increasing the distribution chain
- Buying in bulk