The North American Industry Classification System (NAICS)data Can Be Used

question 17

Multiple Choice

The North American Industry Classification System (NAICS) data can be used to:

• A)identify scope for new product lines.
• B)determine purchase motives of customers.
• C)classify consumer behavior.
• D)identify potential new customers.

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Definitions:

Consumer Goods

Products and services that are purchased for personal use or consumption by the general public.

Capital Goods

Goods that are used in producing other goods and services rather than being bought by consumers.

Opportunity Cost

The cost of forgoing the next best alternative when a decision is made to choose one option over another.

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that a society can produce with existing resources and technology, underlining the concept of opportunity cost.