Business - Semester 1 Exam ('18-'19) Review

____ 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 the above

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

• cosnumers

• purchasers

• groups

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

• possession

• times

• form

• place

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

• store

• workplace

• restaurant

• market

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

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

• economic growth

• net exports

• net imports

• inflation

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

• inflation

• deflation

• interest

• fixed income