MATCHING Choose the Item in Column 2 That Best Matches

question 28

Multiple Choice

MATCHING. Choose the item in column 2 that best matches each item in column 1.
Match the term with the correct description.
-Familiarization (FAM) trip

• A)Events that bring together sellers of products and services at a location
• B)Generally larger meetings with some form of exposition or trade show included
• C)A site inspection by the meeting/exhibition organizers on meeting facilities
• D)The unconditional agreement to the precise terms and conditions of an offer
• E)A legal document that binds two or more parties
• F)A service organization that offers a host of programs and services to meet the meeting/exhibition clients' needs
• G)The legal statement that shows what the offering party is willing to do, and what he or she expects in return
• H)The clear, written meeting specifications
• I)Meetings, incentive travel, conventions, and exhibitions - a segment of the tourism industry that has grown in recent years
• J)An independent contractor or employee of corporation and association who makes hotel and meeting bookings but also plans the meeting down to the last minute

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Definitions:

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace where individuals pursuing their own self-interest lead to the benefit of society at large.

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.

Self-Interest

The pursuit of personal advantage and well-being, often driving economic decisions and behaviors.

Expansionary Fiscal Policy

A government policy aimed at stimulating economic growth by increasing public spending, cutting taxes, or both, to boost aggregate demand.