Business Economics

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Across
  1. 1. A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.
  2. 5. A risk-response strategy that involves choosing not to do something that is considered risky.
  3. 9. The human and natural resources and capital goods used to produce goods and services.
  4. 11. economy: An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.
  5. 13. risks: Chances of loss that carry with them the possibility of loss or no loss.
  6. 14. Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.
  7. 18. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss.
  8. 19. The possibility of loss (failure) or gain (success) inherent in conducting business.
  9. 20. Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
  10. 24. risks: Chances of loss that may result in loss, no change, or gain.
  11. 25. resources: Items found in nature that are used to produce goods and services.
  12. 28. The point at which the quantity supplied is equal to the quantity demanded.
  13. 29. A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
  14. 31. The situation that exists when supply is greater than demand.
  15. 33. expenses: All of the expenses involved in running a business.
  16. 35. A desire for something that can only be satisfied by spending money.
  17. 36. The process or activity of using goods and services; the economic process or activity of using goods and services.
  18. 37. competition: Rivalry between or among businesses that offer similar types of goods or services.
  19. 40. economy: An economic system in which all or many of the means of production and distribution are owned and controlled by the government.
  20. 41. The money received by resource owners and by producers for supplying goods and services to customers.
  21. 42. The money that a business spends.
  22. 45. products: Products produced for personal consumption.
  23. 46. The study of how to meet unlimited, competing wants with limited resources.
  24. 50. competition: 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.
  25. 51. 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.
  26. 52. A risk-response strategy that involves moving the impact of a risk to someone or something else.
  27. 53. A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well.
  28. 54. profit: 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).
  29. 56. The possibility of loss or failure from nature.
  30. 57. A desire for something that is not required.
  31. 58. competition: Rivalry between or among businesses that offer dissimilar goods or services.
Down
  1. 2. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
  2. 3. The economic process of trading one good/service for another.
  3. 4. Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
  4. 6. want: Desires for things that can be obtained without spending money.
  5. 7. Something required or essential that is lacking.
  6. 8. resources: People who work to produce goods and services.
  7. 10. economy: An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.
  8. 12. The economic process or activity of producing goods and services.
  9. 15. The economic process or activity by which income is divided among resource owners and producers.
  10. 16. A condition resulting from the gap between limited resources and unlimited wants for goods and services.
  11. 17. Giving up all or a part of one thing in order to get something else
  12. 21. competition: A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
  13. 22. of production: Productive resources; human and natural resources and capital goods.
  14. 23. goods: Manufactured or constructed items that are used in the production of goods and services.
  15. 24. The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.
  16. 26. demand: A form of demand for products in which changes in price correspond to changes in demand.
  17. 27. Productive acts that are useful, scarce, and transferable and which satisfy economic wants.
  18. 30. The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
  19. 32. The organized way in which a country handles its economic decisions and solves its economic problems.
  20. 34. competition: A type of rivalry between or among businesses that involves factors other than price.
  21. 35. An indication of how changes in price will affect changes in the amounts demanded and supplied.
  22. 38. The possibility of loss or failure that occurs as a result of the economy.
  23. 39. The situation that exists when demand is greater than supply.
  24. 43. The possibility of loss or failure from human error.
  25. 44. Physical objects that are useful, scarce, and transferable and which satisfy economic wants.
  26. 47. profit :Money left after the cost-of-goods expense is subtracted from total income (income from sales - cost of goods = gross profit).
  27. 48. products: Products purchased by producers for resale, to make other goods and services, and/or to use in business operations.
  28. 49. demand: A form of demand in which changes in price do not affect demand.
  29. 55. 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).