MANAGEMENT

Detailed explanation-1: -Retailer = Purchases goods from a wholesaler and resells them to the consumer or the final buyer of the goods.

Detailed explanation-2: -The private enterprise system is an economic system that rewards firms for their ability to identify and serve the needs and demands of customers. The four rights that are critical are private property, competition, profits, and freedom of choice.

Detailed explanation-3: -As an economic system, private enterprise is characterized by competition, open markets, private ownership, and private initiative. Producers take production initiative on the basis of price and profit-and-loss signals essentially given by consumers.

Detailed explanation-4: -When a company provides goods or services to consumers when they demand or need them, it is referred to as time utility. Place utility involves making products or services available in locations that allow consumers to easily access them.