2.01 Key Terms

Question 1

Brick and Mortar

Answer 1

A business that operates out of a physical facility (instead of online)

Question 2

Builders

Answer 2

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

Question 3

Consumers

Answer 3

People who use goods and services to satisfy their wants

Question 4

E-tailers

Answer 4

Retailers who operate solely online

Question 5

Manufacturer

Answer 5

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

Question 6

Producers

Answer 6

The people who make or provide goods and services

Question 7

Raw-goods Producer

Answer 7

A type of producer that provides goods in their natural state

Question 8

Retailer

Answer 8

A business that buys consumer goods or services and sells them to the ultimate consumer

Question 9

Service Business

Answer 9

A type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users

Question 10

Social Responsibility

Answer 10

The duty of business to contribute to the well-being of society

Question 11

Trade Industries

Answer 11

Businesses that buy and sell goods to others; retailers and wholesalers

Question 12

Wholesalers

Answer 12

Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers