Ch. 1 - Economic Basics

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Across
  1. 1. 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
  2. 12. A charitable organization or charity that does not seek profit from the operations of the business and raises funds for a specific goal
  3. 13. An organization, often a charitable organization, that does not seek to make a profit from the operations of the business
  4. 16. The value of a product or service expressed in dollars and cents and is determined by many factors, including supply and demand
  5. 18. Items necessary for survival such as food, clothing, or shelter
  6. 19. People who work to produce goods and services in a business; also known as workforce or labour
  7. 21. Items that can be seen and touched
  8. 22. The economic principle that demand goes up when prices come down, and comes down when prices go up
  9. 23. Quantity of goods and materials kept on hand
  10. 24. When consumers have the power to choose where they will buy goods and services, and how much they will pay for them
  11. 27. Resources such as equipment, a building, or money, that are used to produce goods and services
  12. 28. An individual or business that makes a product or provides services
  13. 29. Another name for economic resource
  14. 31. A person who takes risks and starts a venture to solve a problem or to take advantage of an opportunity
  15. 32. 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
  16. 33. Expenditures
  17. 34. A situation in which two or more businesses try to sell the same type of product or service to the same customer
  18. 35. Patrons of a particular store or business
  19. 36. The amount of money that is required for product
Down
  1. 2. When businesses are in control and can charge high prices and raise prices when costs go up
  2. 3. A person who buys goods and services. Also referred to as a customer
  3. 4. A five-step procedure that assists in making the most appropriate choice among competing alternatives
  4. 5. An independent association of persons who utilize the goods and services offered and come together to meet their economic, social, and cultural needs and goals
  5. 6. A product or service that consumers no longer want because it has become outdated or outmoded or has been replayed by a new or improved product
  6. 7. Having the ability to pay all debts
  7. 8. The means through which goods and services are made available to consumers
  8. 9. Mutually dependent; relying on others who also rely on you
  9. 10. Any business that employs fewer than 500 people
  10. 11. Any location where producers and consumers come together to engage in the buying or selling of goods and services
  11. 14. Assistance provided, usually in return for payment, that satisfies needs or wants of consumers
  12. 15. Items not necessary for survival but that adds pleasure and comfort to life
  13. 17. The quantity of a good or service that consumers are willing and able to buy
  14. 20. organization A charitable organization or charity that does not seek profit from the operations of the business and raises funds for a specific goal
  15. 25. The economic principle that supply goes up when prices go up, and comes down when prices come down
  16. 26. Reward
  17. 30. The raw materials that come from the earth, the water, and the air