Chapters 1-3

____ is the term for all activities involved in developing and exchanging products.

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 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.

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

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