Business essentials

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