Suppose You Camped Out in Front of an Electronics Store

question 129

Multiple Choice

Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a:

• A)consumer in both markets.
• B)consumer at the electronics store and a seller on e-Bay.
• C)consumer at the electronics store; the e-Bay transaction did not occur in a market.
• D)seller in both markets.

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Definitions:

Grievance Procedure

A formal process used by an organization to address complaints or disputes from employees regarding workplace issues.

Social Responsibility Strategy

A business approach that integrates social and environmental concerns in operations and interactions with stakeholders.

Consumer Protection

Laws and regulations designed to ensure the rights of consumers as well as fair trade, competition, and accurate information in the marketplace.

Legal Fight

A dispute handled and resolved within a judicial or legal system.