What is the term that encompasses all activities related to the development and exchange of products?

• Corporation

• biology
• Entrepreneurship

• business

What is the commonly used term for the customer of a service business?

• client
• visitor
• customer
• patient

What is the term used for anything that is bought or sold?

• service
• gift
• asset
• product

Who are individuals that buy goods and services for personal use?

• Producers
• Suppliers
• Distributors
• Consumers

Which type of utility is increased when a business modifies the form of a product or service to enhance its usefulness?

• Place utility
• Time utility
• Form utility
• Possession utility

What term describes any location where buyers and sellers come together to engage in the buying and selling of goods and services?

• market
• restaurant
• store
• park

What is the term for the science that studies how goods and services are produced, sold, and utilized?

• economics
• biology
• chemistry
• physics

What kind of economy is characterized by economic decisions being influenced by a society's values, culture, and customs?

• Capitalist economy
• Traditional economy
• Mixed economy
• Command economy

Consumer spending, business investment, and government spending are three components of GDP. What is the fourth component?

• Personal savings
• Stock market investments
• Foreign aid
• Net exports

Which rate is calculated on a monthly or yearly basis to measure the rate of change in prices?

• Inflation rate
• Interest rate
• Unemployment rate
• Deflation rate