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Chapter 23

Chain of Production

QuestionAnswer
Franchise A franchise exists when the owners of a business give permission to another person to set up branch of their business in another location for free.
The Wholesaler The Wholesaler buys in bulk from the manufacturer and sells in smaller quantities to the retailer.
The Retailer A retailer is a person who buys good and services from manufacturer or wholesalers and sells them in small quantities to the consumer at a profit.
Channel of distribution A channel of distribution refers to the method used to get goods and services from the producer to the consumer.
Primary Production Primary production includes all the products produced by firms in the extractive industry.
Secondary Production Secondary production includes all the products produced by the construction and manufacturing industries.
Tertiary Production Tertiary production includes all the services provided by the service industry.
Created by: jdunnestmarks