Final Exam: Unit 1

4. the amount of income a business or person has earned, minus expenses
6. a quantity of goods held in stock
7. the intentional movement of a company’s funds into one’s own possession as an act of theft
8. the entire process involved in developing and exchanging products
11. the price at which the retailer sells to the direct consumer
13. a product the consumer desires but can live without
16. the level of material comfort a society enjoys as measured by goods and services
17. objects that can be handled, felt, and easily measured

1. any variables within an economy that cause a change in price, or supply or demand, of a good or service
2. the process and activity of making a product
3. when businesses of the same industry fight to sell to the same customer
5. an individual who purchases a good or service for personal use
7. the point in the supply/demand curve in which the quantity demanded is equal to the quantity supplied
9. the accounting method of spreading the cost of a tangible asset over time
10. a product a consumer must have in order to survive
12. ease of which an asset can convert to cash
14. financial obligation a company might have during its business operations
15. an intangible product that is often expressed in the provision of space, time, and intellectual energy