Businesses That Produce and Sell Tangible Products Such as Steel

question 219

Multiple Choice

Businesses that produce and sell tangible products such as steel and machines are part of the

• A) manufacturing industry.
• B) knowledge-based industry.
• C) service industry.
• D) production sector.

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Definitions:

Economic Endeavors

Activities or efforts directed towards the production, distribution, and consumption of goods and services in an economy.

1970s

The decade from 1970 to 1979, marked by significant political, social, and economic changes worldwide, including the end of the Vietnam War and the energy crisis.

European Union

A political and economic union of 27 European countries that participate in a unified international framework for political, social, and economic policies.

Merchandise Balance

The gap between what a nation exports and imports in terms of physical products.