The Private Enterprise Environment

1
Chapter 6

• The Private Enterprise Environment

2
People who create or gather products and services
for distribution are ____.

• Producers
• Consumers
• Processors
• Manufacturers

3
These are materials gathered in their original
state from natural resources such as land and
water.

• Processed goods
• Finished goods
• Good goods
• Raw goods

4
Businesses that change natural materials from
their original forms into more finished forms are
called what?

• Producers
• Consumers
• Processors
• Manufacturers

5
____ are goods made from raw goods that may
require further processing.

• Cheese poofs
• Finished goods
• Raw goods
• Processed goods

6
____ turn raw or processed goods into finished
goods.

• Producers
• Consumers
• Processors
• Manufacturers

7
Goods that require no further processing and are
ready for the market are called what?

• Finished goods
• Processed goods
• Raw goods
• Goods that require further processing

8
Our economy is often referred to as what type of
economy?

• Agriculture economy
• Industrial economy
• Service economy
• Information economy

9
In this type of economy people earn a living by
producing and selling services.

• Agricultural economy
• Industrial economy
• Service economy
• Hobos

10
In the early years of the U.S. most people made
their living by doing what?

• Playing sports
• Farming
• Working in industry
• Eating twizzlers

11
The Industrial Revolution sparked a rise in what
type of economy?

• Industrial economy
• Agricultural economy
• Service economy
• Information economy

12
What is a business that moves goods from one
business to another?

• wholesaler
• Intermediary
• Processed goods
• Raw goods

13
What type of business distributes goods?

• Service business
• Processors
• wholesaler
• Retailers

14
What type of business provides services instead
of goods to consumers?

• Service business
• Producers
• Manufacturers
• retailer

15
What is a business the purchases goods from a
wholesaler and resells them directly to the
consumer?

• Retailer
• Intermediary
• Finished goods
• processors

16
What is a monopoly?

• When few firms selling one kind of product that
  they have little or no competition.
• When one firm sells all or practically all of a
  product.
• When many businesses compete for all of a product

17
What does it mean when competition is based on a
products features rather than its price?

• Non-price competition
• Priced competition
• Good competition
• Chuck Norris

18
T. Or F. Although large business firms are
important in our economic system, the majority of
businesses are small.

• True
• False

19
Which of the following is Not true for the
following statementBusinesses usually have
several choices when competing on the bases of
price. They can

• Make the same product at a lower price.
• Make the price extremely low and eliminate all
  competition, then raise the price to an all time
  high.
• Make a better product at the same price.
• Make a better product at a lower price.

20
T. Or F.Most of the time, we do not use raw
goods in the same form that we find them in
nature.

• True
• False

21
T. Or F.Copy shops do not allow their costumers
to transmit information by offering fax services.

• True
• False