IBM Final Exam Study Guide

Front

A(n) ____ includes the businesses, people, and activities involved in turning raw materials into products and delivering them to end users.

Back

supply chain

Front

____ is the term for all activities involved in developing and exchanging products.

Back

Business

Front

The difference between the income earned and the expenses incurred by a business during a specific period of time is called ____.

Back

profit

Front

The four components of GDP are consumer spending, business investment, government spending, and ____.

Back

net exports

Front

____ competition is a competitive advantage based on factors other than price.

Back

Nonprice

Front

A ____ is a legally binding agreement between two or more people or businesses.

Back

contract

Front

Principles that help define appropriate behavior in a business setting are ____.

Back

business ethics

Front

A(n) ____ business is an organization that generates revenue.

Back

for-profit business

Front

A ___ is the simplest and most common form of business ownership.

Back

proprietorship

Front

___ is the connection made among nations when economies freely move goods, labor, and money across borders.

Back

Globalization