Which of the Following Economic Characteristics Is Consistent with a Grocery

question 97

Multiple Choice

Which of the following economic characteristics is consistent with a grocery store chain?

• A) minimal competition
• B) extensive competition
• C) high net income to sales
• D) differentiated product

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Definitions:

Capitalist System

An economic system based on private ownership of the means of production and the creation of goods or services for profit.

Own Labor

A concept referring to the work performed by an individual that directly benefits themselves, typically not for an employer or for wages.

Commodities

Goods or services that are traded, bought, or sold.

Economy

A system of production, consumption, and distribution of goods and services within a society or geographical area.