Introduction to Business Final Exam UPDATED Study Guide CORRECT ANSWERS AND QUESTIONS

Introduction to Business Final Exam
UPDATED Study Guide CORRECT
ANSWERS AND QUESTIONS
- goods - CORRECT ANSWERS Items purchased to satisfy
needs and wants


deflation - CORRECT ANSWERS A decrease in the general
level of prices.


embargo - CORRECT ANSWERS A government order
preventing trade with another country


interstate commerce - CORRECT ANSWERS 1886,
established the ICC (Interstate Commerce Commission) - monitors
the business operation of carriers transporting goods and people
between states - created to regulate railroad prices.


productivity - CORRECT ANSWERS A measure of the goods
and services produced within a particular country.


services - CORRECT ANSWERS Actions or activities that
one person performs for another


trade surplus - CORRECT ANSWERS A favorable balance of
trade; occurs when the value of a country's exports exceeds that of its
imports.

, conservation - CORRECT ANSWERS Preservation and
protection of resources.


non-renewable resource - CORRECT ANSWERS Natural
resources that cannot be renewed or replaced


needs - CORRECT ANSWERS Basic requirements for human
survival


consumers - CORRECT ANSWERS people who buy and
consume from the marketplace


trade deficit - CORRECT ANSWERS An excess of imports
over exports


pollution - CORRECT ANSWERS Release of harmful
materials into the environment


personal income - CORRECT ANSWERS Salaries and wages
as well as investment income and government payments to
individuals


inflation - CORRECT ANSWERS A rise in the general level
of prices