Business Types

Your company manufactures children's toys, and you want to keep the prices as low as possible for individual consumers. Which of the following things could you do to keep prices low?

Keep the distribution chain short.

A company that builds houses and a company that makes cars are part of the __________ industry.

Manufacturing

Which of the following describes a saturated market?

Most potential buyers already have a product that satisfies this need or want.

Which of the following types of business ownership has the advantages of pass-through taxation and liability protection?

An LLC

A corn farm, a coal mine, and a fishing company are all part of the _________ industry.

Extractive

What does a company's customer service department do?

Interact with customers after they have purchased the product.

What does a wholesaling company do?

Sell products to companies that plan to resell them

A company that is organized by function will group its employees into teams based on what?

The type of work they do

A company is usually unable to take advantage of economies of scale during the __________ stage of the product life cycle.

introduction