Businesses that buy goods to be converted into other products and goods that are used up during production are categorized as ________.

Question

Quizplus · Accepted Answer

Industrial markets are characterized by businesses that purchase goods to convert them into other products or goods that are used up during production. Reseller markets refer to businesses that purchase goods for resale without changing their form. Institutional markets refer to organizations such as hospitals, schools, and prisons that purchase goods and services for their own use. Government markets refer to federal, state or local agencies that purchase goods and services to carry out public objectives or support their operations.

Businesses That Buy Goods to Be Converted into Other Products