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WorksheetsIntroduction to Business and Economics - Ch. 1
Total questions: 10
Worksheet time: 5mins
_____ is the term for all activities involved in developing and exchanging products.
Business
Entrepreneurship
Economics
Corporation
The customer of a service business is often called a _____.
Customer
Consumer
Client
None of the above
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 _____Groups
Individuals
Consumer
Purchasers
Groups
_____ utility is added when a business changes the form of a good or service to make it more useful.
Possession
Time
Form
Place
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
A _____ economy is one in which economic decisions are based on a values, culture, and customs.
Command
Market
Traditional
Mixed
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
