PBM - Chapter 1 - Day 1

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

• Business

• Entrepreneurship

• Economics

• Corporation

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

• customer

• consumer

• client

• none of these

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

• item

• service

• business

• product

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

• individuals

• consumers

• purchasers

• groups

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

• Possession

• Time

• Form

• Plave

A ______________ is 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 is called _____________.

• sales

• profit

• expenses

• costs

Products are commonly known as ____________.

• needs and wants

• goods and services

• factors of production

• functions of business

Utility describes the characteristics of a product that satisfy ____________.

• scarcity

• needs and wants

• opportunity costs

• supply and demand

Which of the following is not a function of business?

• Capitalism

• Marketing

• Finance

• Production