Podcast
Questions and Answers
What is the role of manufacturers in the business sector?
What is the role of manufacturers in the business sector?
- Sell raw goods directly to consumers
- Convert raw goods into consumer goods (correct)
- Construct buildings using finished goods
- Gather goods in their natural state
Which of the following is an example of a raw-good producer?
Which of the following is an example of a raw-good producer?
- A furniture factory
- A construction company
- A clothing retailer
- A farm growing vegetables (correct)
What distinguishes wholesalers from retailers?
What distinguishes wholesalers from retailers?
- Retailers sell to consumers, while wholesalers sell to businesses. (correct)
- Wholesalers sell directly to consumers, while retailers sell to businesses.
- Retailers handle raw goods, while wholesalers manage manufactured goods.
- Wholesalers typically operate on a smaller scale than retailers.
Which statement accurately describes trade industries?
Which statement accurately describes trade industries?
What is a common characteristic of most businesses in our society?
What is a common characteristic of most businesses in our society?
Flashcards
Raw-good producers
Raw-good producers
Businesses that take raw materials from the earth and prepare them for use.
Manufacturers
Manufacturers
Businesses that transform raw materials into finished products.
Trade Industries
Trade Industries
Businesses that purchase and sell goods without changing them.
Retailers
Retailers
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Wholesalers
Wholesalers
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Study Notes
Types of Businesses
- Businesses in society include producers, trade industries, and others.
- Producers gather, convert, or construct goods.
- Raw-good producers extract natural resources (e.g., farms, lumber).
- Manufacturers change raw goods into products for sale (e.g., clothing, furniture.)
- Builders utilize finished products for construction (e.g., houses, roads).
- Trade industries buy and sell existing goods without altering them.
- Retailers sell to consumers directly.
- Wholesalers sell to other businesses, typically in bulk.
- Most businesses are small in size.
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