2.05 Key Terms

12345678910111213141516171819202122232425262728
Across
  1. 2. A monopoly that the government allows to exist legally under controlled conditions.
  2. 5. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (income-expense=profit).
  3. 7. A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition.
  4. 12. The possibility of loss or failure from human error
  5. 14. The desire to make a profit, which moves people to invest in business.
  6. 19. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss.
  7. 20. The possibility of loss or failure from nature.
  8. 22. All the expenses involved in running a business
  9. 24. The possibility of loss (failure) or gain (success) inherent in conducting business.
  10. 25. The possibility of loss or failure that occurs as a result of the economy.
  11. 27. The money received by resource owners and by producers for supplying goods and services to customers.
  12. 28. A risk-response strategy that involves assuming responsibility for the risk rather than transferring it.
Down
  1. 1. Chances of loss that carry with them the possibility of loss or no loss.
  2. 3. A market structure in which there are relatively few sellers, and industry leaders usually determine prices
  3. 4. Chances of loss that may result in loss, no change, or gain.
  4. 6. A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
  5. 8. The type of market, or environment, in which businesses operate.
  6. 9. Rivalry between or among businesses that offer dissimilar goods or services.
  7. 10. A risk-response strategy that involves choosing not to do something that is considered risky.
  8. 11. A risk-response strategy that involves moving the impact of a risk to someone or something else.
  9. 13. A type of rivalry between or among businesses that involves factors other than price.
  10. 15. Money left after the cost-of-goods expense is subtracted from total income (income from sales-cost of goods=gross profit).
  11. 16. Rivalry between or among businesses that offer similar types of goods or services.
  12. 17. Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit-operating expense=net profit)
  13. 18. A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition
  14. 21. The money that a business spends.
  15. 23. The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.
  16. 26. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available