Exam

Question 0

The quantity of a product or service that consumers are willing and able to buy at a particular price

Answer 0

Demand

Question 1

The rivalry among business to sell their goods and service to buyers

Answer 1

Competition

Question 2

A phase marked by high unemployment, weak sales of goods and services and business failures

Answer 2

Depression

Question 3

Things that you can see and touch

Answer 3

Goods

Question 4

A business made up of a number of owners but authorized by law to act as a single person

Answer 4

Corporation

Question 5

A written contract granting permission to sell someone else’s product or service in a prescribed manner, over a certain period of time, and in a specified area

Answer 5

Franchise

Question 6

The difference between a country’s total exports and total imports of goods

Answer 6

Balance of Trade

Question 7

Protection on the work of authors, composers, and artists

Answer 7

Copyright

Question 8

Stopping the importing or exporting of a certain product or service

Answer 8

Embargo

Question 9

When false information is given to a customer in an effort to make a sale

Answer 9

Fraud

Question 10

Money left from sales after subtracting the cost of operating the business

Answer 10

Profits

Question 11

An increase in the general price level

Answer 11

Inflation

Question 12

Things that are necessary for survival, such as foods, clothing, and shelter

Answer 12

Needs

Question 13

Goods and services sold to another country

Answer 13

Exports

Question 14

Goods and services bought from another country

Answer 14

Imports

Question 15

A business that has complete control of the market for a product or service

Answer 15

Monopoly

Question 16

The value of any alternative that you give up when you buy something else or make another choice

Answer 16

Opportunity cost

Question 17

A written statement attached to or printed on a product giving useful information about its nature or contents

Answer 17

label

Question 18

the methods and information communicated to customer to encourage purchase and increase their satisfaction

Answer 18

promotion

Question 19

a phase of the business cycle in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again

Answer 19

recovery

Question 20

the problem which faces individuals, businesses and government of satisfying unlimited wants with limited resources

Answer 20

scarcity

Question 21

things that satisfy our wants through the efforts of othe rpeople or equipment

Answer 21

services

Question 22

the quantity of a product or service that businesses are willing and able to provide at a particular price

Answer 22

supply

Question 23

things that are not necessary for survival but that add comfort and pleasure to our lives

Answer 23

wants

Question 24

an association of two or more people operating a business as co-owners and sharing profits or losses according to a written agreement

Answer 24

partnership

Question 25

a business owned by one person

Answer 25

proprietorship

Question 26

the exclusive right given to a person to make, use, or sell an invention for a period of time

Answer 26

quota

Question 27

a tax that a government places on certain imported products

Answer 27

tariff

Question 28

a word, letter, or symbol associated with a specific product or company

Answer 28

trademark

Question 29

a business from that sells directly to the consumer

Answer 29

retailer

Question 30

a group of consumers with very similar needs to whom a company can sell its products

Answer 30

target market

Question 31

a middle firm that assists with distribution activities between businesses

Answer 31

wholesaler