Intro-to Business: Unit 1 Test

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

The activities involved in buying and selling goods on a large scale is ____.

The ____ is a group of individuals who make high-level management decisions for a corporation

Promoting the welfare of others is called ____.

A(n) ____ exists to serve some public purpose

A ____ is a document that dictates how business should be conducted

The total money circulating at any one time in a country is the ____

A share of ownership in a corporation is called a____.

The goods and services produced in a country’s borders and sold in another country are _____.

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

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

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

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

A(n) ____ a group of countries that have reduced or eliminated trade barriers among themselves

The ____ rate is the rate of change in prices calculated on a monthly or yearly basis

____ are businesses that use supplies from other producers to make products.

____ is anywhere buyers and sellers meet to buy and sell goods and services

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

? is the connection made among nations when economies freely move goods across borders

A(n) ____ is a contract to rent something

A ? is an association of two or more persons who co-own a business to earn a profit

A ? economy is one in which economic decisions are based on a society’s values.

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

____ means that a person is legally able to enter into a binding agreement

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

____ is the process of sending and receiving messages between people of various cultures

____ is when a business sells the right to manufacture its products or use its trademark

A(n) ____ is a proposal to provide a good or service

Something of value promised in a contract is called ____.

The 4 components of GDP are consumer spending, business investment, gov spending, and ____.

The ____ is the difference between a nation’s exports and its imports

? is the market value of all final products produced in a country during a specific time period

The ____ represents the cost of a loan and is expressed as a percent of the amount borrowed.

Planning and managing the flow of goods, services, and people to a destination is ____.

A ____ is the simplest and most common form of business ownership

The difference between income and expenses by a business during a period of time is called ?

____ is a general decline in prices throughout an economy

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

Fiscal policy is the tax and spending decisions made by the president and ____.

The shared beliefs, customs and social behavior of a particular group or nation is the _.

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

The numeric system used to classify businesses and collect economic statistics is called the ?