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3: Fashion in Review
In relation to textile and apparel products, give at least three examples each of goods and services.
Explain how a free-market system operates.
If it costs a manufacturing company a total of $8 apiece to produce shirts, and the company sells the shirts to a retailer for $10 apiece, what is the manufacturer’s profit on each shirt?
If the retailer in question #3 has $5 of additional overhead costs (electricity, sales associates, etc.) per shirt sold, and sells each of the shirts for $18, what is the retailer’s profit on each shirt?
How does competition affect the price of products?
How does competition affect the quality of goods and services offered by businesses?
Describe how the supply and demand relationship of a free-market system affects the price of products.
What does a standard of living indicate?
Why is pure competition the
ideal
structure for a free-market economy?
Why are monopolies unsuitable for a free-market economic system?
Explain why sole proprietorships account for such a high percentage of all enterprises.
Explain why corporations account for most of the total profits earned by American business.
Name one example of a business in your community for each of the following: sole proprietorship, partnership, and corporation.
What is the difference between a public corporation and a private corporation?
Describe S corporations and nonprofit corporations.
Explain how the market for fashion products is affected by economic expansions and recessions.
What is the difference between a marketing-oriented approach and a product-oriented approach to business?
Name and briefly describe the four Ps of marketing.
What are the three main functions of merchandising?
Describe the relationship merchandising has to marketing.
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