Intro to Business - 1.1

Question 1

_______ is a level of material comfort measured by the goods, services, and luxuries available.

Accepted Answer

Standard of Living

Question 2

In business, ______ describes the characteristics of a product that satisfy wants and needs.

Accepted Answer

utility

Question 3

A __________ is an action or task that is performed, usually for a fee.

Accepted Answer

service

Question 4

The difference between income and expenses by a business during a specific period of time.

Accepted Answer

profit

Question 5

A ___ is something a person must have in order to survive, such as food, clothing, and shelter.

Accepted Answer

need

Question 6

A ____________ is an individual or group who buys products.

Accepted Answer

customer

Question 7

A ____________ is anything that can be bought or sold.

Accepted Answer

product

Question 8

a _________ is anywhere buyers and sellers meet to buy and sell goods and services.

Accepted Answer

market

Question 9

Customers who purchase goods and services for their own use are _______________.

Accepted Answer

consumers

Question 10

A ______ is something that a person desires but can survive without.

Accepted Answer

want

Question 11

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

Accepted Answer

business

Question 12

______ are money earned in exchange for work.

Accepted Answer

Wages

Question 13

A _____________ is a physical item that can be touched.

Accepted Answer

good

Questions 13