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

Anywhere buyers and sellers meet to buy and sell goods and services

The difference between the income earned and the expenses incurred by a business during a specific period of time

A science that examines how goods and services are produced, sold, and used is called

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

The market value of all final products produced in a country during a specific time period

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

The activities involved in buying and selling goods on a large scale is

A legally binding agreement between two or more peole or businesses

promoting the welfare of others is called

A contract to rent something

A contract that lists the products or services provided by a business and the price the customer pays in exchange

Principles that help define appropriate behavior in a business setting are

A document that dictates how a business should be conducted

A__________business is an organization that generates revenue

A _________________exists to serve some public purpose

Businesses that use supplies from other producers to make products

The simplest and most common form of business ownership

A share of ownership in a corporation is called a

A_____________is a written statement of goals and objectives for a business with a strategy to achieve them

An asset pledged that will be claimed by a lender if the loan is not repai

A person who starts a new business or purchases an existing business is a(an)

The process of gathering and analyzing of information about a business

Anything that can be bought or sold

Work performed by people in a business, also called human resource

When demand is higher than the available resources

The difference between the income earned and the expenses incurred by a business during a specific period of time

The value of the next best option that was not selected

The characteristics of a product that satisfy wants and needs

An economy which decisions are based on a society's values, culture and customs

Production, Finance, Marketing, and Management together define _________________________

The US laws that promote fair trade and competition among businesses

A market structure with a small amount of businesses selling the same or similar products.

When two or more businesses in an industry agree to sell the same good or service at a set price

Behaving with sensitivity to social, environmental, and economic issues

Rules of behavior based on ideas about what is right and wrong

When two or more individuals create a business

This illegal pricing practice is designed to put competitors out of business

This form of business ownership combines the benefits of a corporation with those of proprietorships and partnerships

Business that is owned and operated by those using its services

Form of ownership that provides limited liability to owners, but is taxed as a partnership

A group of businesses that produce the same type of goods or services

Which of the following is NOT a part of a business plan?

Which section of the business plan describes how the business with reach its customers, the channels used as well as the ave sell price?

the property or items of value owned by a business are referred to as

For most industries, a small business is defined either in terms of average number of employees or average

Some requirements for small businesses in the US are

The process of willingly risking resources to start and run a business in pursuit of profit

Money necessary to start a business is referred to as

The specialization of individuals who perform specific tasks is

An ________inventory control system keeps a minimal amount of raw materials on hand to meet production needs

The activity of checking products as they are produced or received to ensure quality meets expectations is

_______is the series of stages a product goes through from its beginning to the end

In the new product development process, new product is introduced to the market during the _______stage

Introducing a new product to a small portion of the target market to learn how it will sell is

Using a new package for an existing product is

Gross domestic product (GDP) is also known as economic

Which type of spending is NOT a component of gross domestic product (GDP)?

A general rise in prices throughout an economy is called

Which is NOT a stage of the business cycle?

A(an) _____is a market structure with a small number of businesses selling the same or similar products.

Fiscal Policy involves_________decisions made by the government

products are commonly known as

Which of the following is NOT a function of business

The value of the next best option that is not selected is

In a ___________economy, individuals are free to make their own economic decisions

The market price for a product is determined at a point where

When demand for a product becomes greater than available supply, a(n)_____________develops

The driving force in choosing to start a business is