Introduction to Business Semester Review

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

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

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

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.

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

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

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

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

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

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

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

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

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

Sole proprietorships result in unlimited liability for the owner

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

One of the disadvantages of corporations is double taxation

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

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

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

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

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

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

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

Market research is gathering and analyzing information about a business

This agency helps to monitor the unemployment rate

A ________ is a contract to rent something.

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

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

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

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

Promoting the welfare of others is called ________.

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

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

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

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

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

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