Which of the following terms generally identifies a place where an economic transaction occurs?(1 point)
Responses
manufacturing operation
manufacturing operation
market
market
transport network
transport network
retail store
retail store
market
Which of the following is true of manufacturing using mass production?(1 point)
Responses
Minimizing labor costs always determines the location of mass production facilities.
Minimizing labor costs always determines the location of mass production facilities.
Mass production facilities are always located near sources of the resources needed for production.
Mass production facilities are always located near sources of the resources needed for production.
It focuses on the rapid production of standardized goods.
It focuses on the rapid production of standardized goods.
It focuses on the specialized production of custom goods.
It focuses on the specialized production of custom goods.
It focuses on the rapid production of standardized goods.
whats the real answer
The real answer is: It focuses on the rapid production of standardized goods.
The term that generally identifies a place where an economic transaction occurs is a market.
To get the answer to this question, you need to understand the definitions of the terms given as options. Let's break them down:
- Manufacturing operation: This term refers to a facility or process where goods are produced or manufactured. While economic transactions may occur within a manufacturing operation (such as purchasing raw materials or selling finished goods to wholesalers), it is not generally seen as a place where economic transactions occur directly with consumers.
- Market: This term refers to a physical or virtual place where buyers and sellers come together to engage in the exchange of goods, services, or resources. It is a central location for economic transactions to take place.
- Transport network: This term refers to the infrastructure and systems that provide transportation services, such as roads, railways, airports, and shipping routes. While economic transactions may occur within the transportation sector (such as payment for transportation services), it is not the primary purpose of a transport network to facilitate economic transactions.
- Retail store: This term refers to a physical establishment where products are sold directly to consumers. It is a common place where economic transactions occur, as consumers visit the store to purchase goods or services.
Considering the definitions, it is clear that the term "market" is the most appropriate option as it specifically identifies a place where economic transactions take place between buyers and sellers.