Business Economics Module 1&2

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Across
  1. 2. An organization that produces and sells goods or services to satisfy consumer needs and make a profit.
  2. 5. As the price of a good increases, the quantity supplied also increases; as price decreases, quantity supplied decreases.
  3. 8. – The quantity of a product or service that consumers are willing and able to purchase at different price levels.
  4. 10. Competition – A market structure where many small firms sell identical products, and no single seller can influence price (e.g., agricultural markets).
  5. 13. The exchange of one benefit or advantage for another, often involving a compromise.
  6. 14. A market structure where a few large firms control most of the market and may engage in competition or collusion (e.g., automobile or airline industries).
  7. 15. A business approach used to determine the best price for a product or service, considering factors like costs, competition, market demand, and customer perception to maximize profitability and market share.
  8. 16. The fundamental economic problem of having unlimited wants but limited resources to satisfy them.
  9. 17. A combination of capitalism and socialism, where both private businesses and the government play roles in economic decision-making.
  10. 20. An economic system where the government controls key industries and resources to promote social welfare, aiming for economic equality.
  11. 21. The point where supply and demand meet, determining the market price and quantity of a product.
  12. 22. The measure of how much demand or supply responds to changes in price.
Down
  1. 1. The process by which businesses add value to a product or service through different activities like production, marketing, distribution, and customer service.
  2. 3. As the price of a good increases, the quantity demanded decreases; as price decreases, the quantity demanded increases.
  3. 4. The next best alternative that is given up when making a decision.
  4. 6. – The quantity of a product or service that producers are willing and able to offer at different price levels.
  5. 7. A market structure where a single company dominates an industry and controls prices due to a lack of competition (e.g., electricity providers in some regions).
  6. 9. A market structure with many companies selling similar but slightly different products, allowing for some price control (e.g., clothing brands, restaurants).
  7. 11. Intangible products that provide value through actions or expertise, such as healthcare, education, and banking.
  8. 12. Tangible products that can be touched, stored, and sold, such as clothing, electronics, and food.
  9. 18. Any place or system where buyers and sellers interact to exchange goods and services.
  10. 19. An economic system where private individuals and businesses own resources and operate for profit with minimal government interference. Prices are determined by supply and demand.