A Market Consists of Potential Buyers of a Good or Service

question 47

Multiple Choice

A market consists of potential buyers of a good or service. However, for a market to exist

• A) the business requires wholesalers and retailers.
• B) one firm must dominate in sales and product development.
• C) people must have unsatisfied wants and needs as well as a willingness and ability to buy.
• D) the product must be laboratory tested and approved by the Food and Drug Administration (FDA).

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Definitions:

Scientific Method

A systematic, empirical method of investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge.

Unconscious Mind

A part of the mind that influences thoughts, feelings, and behaviors without our direct awareness, containing desires, fears, and motivations.

Stereotypes

Beliefs that associate groups of people with certain traits.

Negative Stereotypes

Are oversimplified and unfavorable beliefs about a group of people, which can lead to discrimination and social stigma.