semester one final review- pbmf

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

A ____ is a contract to rent something.

The___rate is the rate of change in prices calculated on a monthly or yearly basis.

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

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

___competition is a competitive advantage based on factors other than price.

The difference between the income earned and the expenses incurred by a business

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

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

Business that purchases large quantities of products and sells in small quantities to retailers

____is one in which economic decisions are based on a society's values, culture, and customs.

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

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

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

___is a general decline in prices throughout an economy.

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

A ___ business is an organization that generates revenue.

The term for all activities involved in developing and exchanging products

The___represents the cost of a loan and is expressed as a percent of the amount borrowed.

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

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

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

The customer of a service business is often called a

___ law: the price of a product is determined by the relationship of the supply and the demand

The activities involved in buying and selling goods on a large scale is___

Something of value promised in a contract is called _____.

Principles that help define appropriate behavior in a business setting are____.

Promoting the welfare of others is called

A not-for-profit exits to serve some public purpose.

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