The term used for all activities involved in developing and exchanging products.

• product

• good

• business

• service

A ____________ is anything that can be bought and sold.

• consumer

• profit

• utility

• product

The difference between a good and a service is _________.

• A good is an action that can be performed where a service is a physical item that can be touched.

• A good is a physical item that can be touched where a service is an action that is performed.

• There is no difference between the two.

• A good is something bought often where a service is rarely purchased.

A ___________ is an individual or group who buys products.

• customer

• consumer

• business

• product

Customers who purchase goods and services for their own use are known as _____________.

• customers

• consumers

• products

• businesses

_______ is a set of rules that define what is wrong and right.

• reputation

• business

• ethics

• initiative

A ________ describes the characteristics of a product that satisfy wants and needs.

• product

• service

• good

• utility

A smartphone designed to be ergonomic and compatible with popular apps is an example of the ________ utility.

• place

• information

• form

• possession

An example of ______ utility is when malls make a wide variety of stores available in one convenient location.

• place

• form

• time

• information

Banks offering early morning teller services to meet the needs of businesses that are open in the morning is an example of ________ utility.

• possession

• place

• time

• information