Introduction to Business Semester Review

Sole proprietorships result in unlimited liability for the owner

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This agency helps to monitor the unemployment rate

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

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

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

A mixed economic system is a combination of a command and traditional economic system

Customers who purchase goods and services for their own consumption are known as ________.

This type of intermediary buys products from wholesalers & directly from producers to sell them to consumers for profit​

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SBA refers to an agency of the first government which helps entrepreneurs start, build and grow their business

The following term describes the rise and fall of the prices of products in an economy

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

Something of value promised in a contract is known as ________.

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

When one or more parties does not follow the agreed terms without a legitimate reason is called a __________.

The North American Industry Classification System (NAICS) is a numeric system used the US, Canada, and Brazil

The customer of service business is often known as a _________.

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A ________ is a contract to rent something.

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

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

________ means that anyone is able to enter a legally binding contract.

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

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A ________ is a proposal to provide a good or service.

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In a perfectly competitive market, buyers and sellers can have a substantial impact on market price

A ____ economy is one in which economic decisions are based on a society’s values, culture, and customs.

One of the disadvantages of corporations is double taxation

A(n) ____ business is an organization that generates revenue with the goal of making money.

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

___________ utility is when a business changes the form of a product in order to make it easier to use.

This term defines the market value of all products produced in a country

Market research is gathering and analyzing information about a business

When two or more businesses work together to eliminate their competition, set prices and distribution is known as _____.

This type of intermediary purchases large quantities of products directly from producers and sell to retailers

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

Anything that is bought or sold is called a __________.

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The following term describes the general rises in prices in an economy

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

A _________ is anywhere that buyers and sellers meet to buy and sell good and services.

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

Fiscal policy are the tax and spending decisions made by the president and ________.

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Promoting the welfare of others is called ________.