INTRO BUS FALL FINAL REVIEW 1

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

• Business

• Entrepreneurship

• Economics

• Corporation

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

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

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

Approach to business that focuses on satisfying customers in order to achieve profit goals.

• Marketing Concept

• Extensive Buying Decision

• Product

• Routine Buying Decision

Includes the activities involved in getting goods and services to customers.

• Promotion

• Place

• Customer Profile

• Mass Marketing

Anything that can be bought or sold.

• Marketing Mix

• Place

• Product

• Routine Buying Decision