Principles of BMF Mid Term Review

The term for all activities involved in developing and exchanging products

• Business

• Entrepreneurship

• Economics

• Corporation

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

• Posession

• Time

• Form

• Place

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

• store

• workplace

• restaurant

• market

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

• sales

• profit

• expenses

• costs

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

• economics

• social studies

• biology

• chemistry

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

• supply and demand

• physics

• consumer behavior

• business

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

• standard of living

• annual sales

• product value

• gross domestic product

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

• inflation

• deflation

• interest

• fixed income

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

• business

• commerce

• economy

• monetary policy

A legally binding agreement between two or more peole or businesses

• receipt

• document

• contract

• report