Voluntary Exchange Will Occur When

question 66

Multiple Choice

Voluntary exchange will occur when:

• A) only one individual involved in the exchange benefits.
• B) all individuals involved in the exchange benefit.
• C) only one individual involved in the exchange has access to all pertinent information.
• D) there are no alternatives to the exchange.

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Definitions:

Gross Profit

Money available to cover the costs of marketing the product, operating the business, and profit.

Merchandise

Goods or products that are purchased, sold, or traded, often in the context of retail.

Emotional Intelligence

The combination of four abilities: (a) your ability to perceive other’s emotions; (b) your ability to identify your emotions, (c) your ability to understand what’s causing your emotion, and (d) your ability to manage your emotions.

Scheduling

The establishment of a fixed time for visiting a customer’s business.