Introduction to Business and Economics - Ch. 1

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

• Business

• Entrepreneurship

• Economics

• Corporation

The customer of a service business is often called a _____.

• Customer

• Consumer

• Client

• None of the above

Anything that is bought or sold is called a(n)_____.

• Item

• Service

• Business

• Product

Customers who purchase goods and services for their own use are called _____Groups

• Individuals

• Consumer

• Purchasers

• Groups

_____ utility is added when a business changes the form of a good or service to make it more useful.

• Possession

• Time

• Form

• Place

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

• Store

• Workplace

• Restaurant

• Market

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

• Sales

• Profit

• Expenses

• Costs

A science that examines how goods and services are produced, sold, and used is called _____.

• Economics

• Social Studies

• Biology

• Chemistry

A _____ economy is one in which economic decisions are based on a values, culture, and customs.

• Command

• Market

• Traditional

• Mixed

The law of ____________ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.

• Supply and demand

• Physics

• Consumer behavior

• Business