Chapter 8 & 9 Test

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Across
  1. 3. can buy and sell property and has 81% of all sales
  2. 7. person who takes risk in beginning new businesses
  3. 11. what is remaining after taking into account all expenses, taxes, and receipts
  4. 13. one of the four elements all businesses must consider
  5. 14. ability to hire a professional manager and having potential unlimited life is an….
  6. 18. business owned and run by a single individual
  7. 20. prevents new monopolies from forming – breaks up current ones
  8. 22. share of ownership in a corporation that entitles the buyer to certain part of future profits
  9. 24. occurs when the seller is a price searcher who controls the supply of a good/service and can determine the price it sells the good/service for
  10. 27. sometimes the potential for conflict among business associates is a…
  11. 29. ability of a seller to influence the market clearing price of a good/service
  12. 30. taking small amounts of capital from a large number of people investing in a business
  13. 31. funding by family & friends may be provided even without a business plan
  14. 32. who do you contact about factories spewing stinky fumes
  15. 33. combined company that occurs when one corporation buys more than half the stock of another corporation
  16. 34. beginning business enterprise
Down
  1. 1. obstacles to competition – keeps competitors out of the market
  2. 2. sometimes having investment in business from certain individuals can offer expertise and mentorship
  3. 3. made up of more than four unrelated businesses
  4. 4. decreases in long-run average costs of producing due to large scale of output
  5. 5. actual owner of business who may lease the firm to another person in exchange for an investment amount
  6. 6. wealthy individuals investors who will provide funding in exchange for a share of equity
  7. 8. groups of businesses who attempt to reduce international competition by controlling price/distribution of goods
  8. 9. is a price taker and has no market power
  9. 10. requirement in which an owner’s responsibility/liability for a company’s debts is determined by the size of the owner’s investment in the firm
  10. 12. owned by two or more people – least numerous form of business
  11. 15. all items to which a business/household holds legal claim
  12. 16. gives you total control over the business when you use your own money
  13. 17. agency you would contact about unsafe working conditions
  14. 19. regulates product warranties watches for fraud in advertising
  15. 21. not actually owning the business is a disadvantage of a…
  16. 23. protects against monopolies and protects trade
  17. 25. a few sellers with similar products that cause increased competition among the sellers
  18. 26. what restricted price discrimination
  19. 28. who would conduct tests on safety of a new drug