DUCS Intro to Business Unit 1 Chapter 1 & 2

Question 1

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

Accepted Answer

Congress

Question 2

Law of __ says that the price of a product is determined by the supply of a product & demand.

Accepted Answer

supply and demand

Question 3

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

Accepted Answer

consumers

Question 4

2 or more businesses work together to remove their competition, set prices, & distribution is _

Accepted Answer

collusion

Question 5

A science that examines how goods & services are produced, sold, & used is called __.

Accepted Answer

economics

Question 6

__is a general decline in prices throughout an economy.

Accepted Answer

Deflation

Question 7

A __ is anywhere buyers & sellers meet to buy & sell goods & services.

Accepted Answer

market

Question 8

The 4 components of GDP are consumer spending, business investment, government spending, and __

Accepted Answer

net exports

Question 9

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

Accepted Answer

inflation

Question 10

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

Accepted Answer

Gross domestic product

Question 11

A __ economy is one in which economic decisions are based on society's values, culture, customs

Accepted Answer

traditional

Question 12

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

Accepted Answer

Business

Question 13

The __ represents the cost of a loan & is expressed as a percent of the amount borrowed.

Accepted Answer

interest rate

Question 14

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

Accepted Answer

client

Question 15

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

Accepted Answer

commerce

Question 16

The difference between the income earned & the expenses incurred by a business is called __.

Accepted Answer

profit

Question 17

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

Accepted Answer

money supply

Question 18

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

Accepted Answer

Form

Question 19

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

Accepted Answer

product

Question 20

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

Accepted Answer

Nonprice

Questions 20