The customer of a service business is often called a ____.

Anything that is bought or sold is called a(n) ____.

Customers who purchase goods and services for their own use are called ____.

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

A ____ is 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 is called ____.

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

A ____ economy is one in which economic decisions are based on a society’s values, culture, and customs.

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.

____ is the market value of all final products produced in a country during a specific time period.

The four components of GDP are consumer spending, business investment, government spending, and ____.

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

____ is a general decline in prices throughout an economy.

The ____ represents the cost of a loan and is expressed as a percent of the amount borrowed.

____ competition is a competitive advantage based on factors other than price.

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

The total money circulating at any one time in a country is the ____.

Fiscal policy is the tax and spending decisions made by the president and ____.

When two or more businesses work together to remove their competition, set prices, and control distribution, it is called ____.

A ____ is a legally binding agreement between two or more people or businesses.

A(n) ____ is a proposal to provide a good or service.

Something of value promised in a contract is called ____.

____ means that a person is legally able to enter into a binding agreement.

Promoting the welfare of others is called ____.

A(n) ____ is a contract to rent something.

When one or more parties do not follow the agreed terms of a contract without having a legitimate reason a ____ occurs.

A(n) ____ contract 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 ____ is a document that dictates how business should be conducted.

A(n) ____ business is an organization that generates revenue.

A(n) ____ exists to serve some public purpose.

____ are businesses that use supplies from other producers to make products.

A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers is a ____.

In a private enterprise system, ____ directly provide consumers with products that meet their needs and wants.

A ____ is the simplest and most common form of business ownership.

A ____ is an association of two or more persons who co-own a business with the objective of earning a profit.

The numeric system used to classify businesses and collect economic statistics is called the ____.

The ____ is a group of individuals who make high-level management decisions for a corporation and establish company policies.

A share of ownership in a corporation is called a____.

____ is the connection made among nations when economies freely move goods, labor, and money across borders.

The shared beliefs, customs, practices, and social behavior of a particular group or nation is the ____.

The business activity involved in making, buying, and selling product within a nation’s borders is ____ business.

The goods and services produced within a country’s borders and sold in another country are ____.

A(n) ____ a group of countries that have reduced or eliminated trade barriers among themselves.

The ____ is the difference between a nation’s exports and its imports.

Planning and managing the flow of goods, services, and people to a destination is ____.

____ is the process of sending and receiving messages between people of various cultures.

A partnership of two or more companies that work together for a specific business purpose is called a ____.

____ is when a business sells the right to manufacture its products or use its trademark.

Private investors who fund start-up businesses are called ____.

A(n) ____ is a written statement of goals and objectives for a business with a strategy to achieve them.

The movement of money into and out of a business is called ____.

____ is an asset pledged that will be claimed by a lender if the loan is not repaid.

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

Capital brought into a business in exchange for a percent of ownership in the business is called ____.

____ are critical skills necessary to perform the required work-related tasks of a position.

A ____ is someone with experience who can provide advice, suggestions, and ideas.

____ is the process of gathering and analyzing of information about a business.

The ____ is a sentence in a business plan that describes the purpose of the business.

A ____ outlines how company decisions are made.

The ____ of a business identifies the hierarchy of the employees within a business.

The authority structure of a company from the highest to the lowest levels is called the ____.

____ is the process of controlling and making decisions about a business.

____ plans are created for the long-term goals of an organization.

The process of recruiting, hiring, training, evaluating, and compensating employees is called ____.

Theory ____ managers believe that employees need close supervision at all times.

The practice of organizing time and work tasks to increase personal efficiency is called ____.

The ability to analyze a situation, interpret information, and make reasonable decisions involves ____.

The interacting forces within a group are ____.