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

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

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 ____ 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.

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 ____.

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.

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.

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