Business Key Terms

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Across
  1. 2. items not necessary for survival but adds pleasure and comfort to life
  2. 5. an independent association of persons who utilize goods and services offered to come together to meet their economic, social and cultural needs and goals
  3. 9. when consumers have the power to choose where they will buy goods and services and how much they will pay for them
  4. 11. a product or service that consumers no longer want because it has become outdated or has been replaced by a new or improved product
  5. 12. any business that employs fewer than 500 people
  6. 14. items necessary for survival
  7. 15. a situation in which two or more businesses try to sell the same type of product or service to the same customer
  8. 18. a person who starts a venture to solve a problem or to take advantage of an opportunity
  9. 19. when businesses are in control and can charge high prices and raise prices when costs go up
  10. 23. an individual or business that makes a product or provides services
  11. 27. an organization, often charitable, that does not seek to make a profit from the operations of the business
  12. 28. a quantity of goods and materials kept on hand
  13. 29. having the ability to pay all debts and meet financial obligations
  14. 32. the amount of money required for each stage of production
  15. 33. another name for economic resource
  16. 34. the way business and government work together to provide goods and services to consumers and ensures that a country's resources will not be overstretched
Down
  1. 1. the economic principle that supply goes up when prices go up, and comes down when prices come down
  2. 3. people who work to produce goods and services in a business; also known as workforce or labour
  3. 4. any location where producers and consumers come together to engage in the buying or selling of goods and services
  4. 6. the economic principle that demand goes up when prices come down, and comes down when prices go up
  5. 7. assistance provided, usually in return for payment, that satisfies needs or wants of consumers
  6. 8. a charitable organization or charity that does not seek profit from the operations of the business and raises funds for a specific goal
  7. 10. mutually dependent;relying on others who also rely on you
  8. 13. expenditures that help a business generate revenue
  9. 16. the raw materials that come from the earth, the water and the air
  10. 17. the quantity of a good or service that consumers are willing and able to buy
  11. 20. resources such as equipment, a building, or money that are used to produce goods and services
  12. 21. a person who buys goods and services aka a customer
  13. 22. The reward that an owner receives for taking risks
  14. 24. patrons of a particular store or business
  15. 25. the means through which goods and services are made available to consumers
  16. 26. the value of a product or service expressed in dollars and cents and is determined by many factors, including supply and demand
  17. 30. items that can be seen and touched
  18. 31. the quantity of a good or service that producers can provide, determined by the costs of producing it and by the price people are willing to pay for it