Chapter 1: Exploring the World of Business and Economics

12345678910111213141516171819202122232425
Across
  1. 5. A market (or industry) situation in which there is one seller and significant barriers to entry for competitors.
  2. 6. An economic system where most land and business are privately owned but with various levels of government intervention.
  3. 7. Two or more consecutive three-month periods of decline in a country’s GDP.
  4. 8. The price at which supply equals demand.
  5. 14. A market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product.
  6. 15. The quantity of a product that buyers are willing to purchase at each of various prices.
  7. 16. Rivalry among businesses for sales to potential customers.
  8. 17. An economic system where all property and profits are owned by the state and the government decides what goods and services will be produced.
  9. 18. The way in which people deal with the creation and distribution of wealth.
  10. 21. The process of developing and promoting differences between one’s products and all competitive products.
  11. 23. A term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy.
  12. 25. An economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production.
Down
  1. 1. The percentage of a nation’s labor force unemployed at any time. Calculated as the number of unemployed divided by the number of people currently in the labor force.
  2. 2. An economics statistic that tracks the decrease in prices of goods and services over a period of time.
  3. 3. A market situation in which there are many buyers along with a relatively large number of sellers, who need to differentiate their products.
  4. 4. Total dollar value of all goods and services produced by all people within the boundaries of a country during a 1-year period.
  5. 9. An economics statistic that tracks the increase in prices of goods and services over a period of time
  6. 10. Used to model the interaction between two or more business firms to determine what will happen if one or more companies take specific actions with regard to changing prices or introducing new products or services.
  7. 11. The quantity of a product that producers are willing to sell at each of various prices.
  8. 12. An organization that seeks profit by offering products and services to satisfy society’s needs.
  9. 13. A monthly index that measures the changes in the prices of a fixed basket of goods purchased by a typical consumer in an urban area
  10. 19. An economic system in which businesses and individuals decide what to produce and buy, and the market determines prices and quantities sold.
  11. 20. A market (or industry) situation in which there are few sellers.
  12. 22. An economic system in which individuals own and operate the majority of businesses that provide goods and services.
  13. 24. An economic system in which the key industries are owned and controlled by the government.