PoBMF 1st Semester Exam (Chapters 1-10)

Front

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

Back

Business

Front

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

Back

Client

Front

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

Back

Product

Front

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

Back

Consumer

Front

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

Back

Form

Front

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

Back

Market

Front

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

Back

Profit

Front

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

Back

Economics

Front

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

Back

Supply and Demand

Front

The study of how people satisfy unlimited wants and needs with limited resources.

Back

Economics