Intro to Business Final Review

The value of the next best option that was not selected:

• Opportunity Cost

• Trade Off

• Need

• Want

A customer of a service business is a:

• Customer

• Consumer

• Client

• Creditor

What type of utility is being utilized when a customer reads the nutrition facts on the side of a candy bar?

• Form

• Time

• Information

• Possession

What type economy is in place when the Government makes all the decisions?

• Market

• Command

• Mixed

• Traditional

What happens in an economy when the nation can't produce enough goods for the overall demand of the nation?

• Scarcity

• Productivity

• Marketability

• Resource Management

What are all the activities involved in buying and selling goods on a large scale?

• e-commerce

• monetary policy

• money supply

• commerce

What is the total market value of all final products produced in a country during a specific time period?

• Product Value

• Annual Sales

• Gross Domestic Product

• Standard of Living

What kind of policy allows the President and Congress to make tax and spending decisions?

• Federal Reserve Bank

• Fiscal Policy

• Monetary Policy

• Non-Fiscal Policy

The peak of a business cycle marks the _______.

• End of a Contraction

• Beginning of High Unemployment

• End of an Expansion

• Beginning of Government Regulation

The amount a borrower pays for a loan is __________.

• lending

• interest

• inflation

• commerce