Intro to Business Chapter 1 Vocabulary

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Across
  1. 3. study of how resources are distributed for the production of goods and services within a social system
  2. 6. number of products -goods and services-that businesses are willing to sell at different prices at a specific time
  3. 9. domestic product^ the sum of all goods and services produced in a country during a year
  4. 11. resources^land, forests, minerals, water, and other things that are not made by people
  5. 12. resources^the funds used to acquire the natural and human resources needed to provide products
  6. 14. system^a description of how a particular society distributes its resources to produce goods and services
  7. 15. market structure that exists where there are very few businesses selling a product
  8. 18. price ^the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time
  9. 19. economy^an economy in which economic activities occur between the country and the international community
  10. 21. system^pure capitalism, in which all economic decisions are made without government intervention
  11. 25. organizations ^organizations that may provide goods or services but do not have the fundamental purpose of earning profits
  12. 26. economic system in which the government owns and operates basic industries but individuals own most businesses
  13. 28. contraction^a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers
  14. 33. described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources
  15. 34. the number of goods and services that consumers are willing to buy at different prices as a specific time
Down
  1. 1. economies^economies made up of elements from more than one economic system
  2. 2. decline in production, employment, and income
  3. 4. competition^the market structure that exists when there are very few businesses selling a product
  4. 5. good or service with tangible and intangible characteristics that provide satisfaction and benefits
  5. 7. condition in which a percentage of the population wants to work but is unable to find jobs
  6. 8. difference between what it costs to make and sell a product and what a customer pays for it
  7. 10. that have a stake in the success and outcomes of a business
  8. 13. market structure that exists when there is only one business providing a product in a given market
  9. 16. deficit^the condition in which a nation spends more than it takes in from taxes
  10. 17. or organizations who try to earn a profit by providing products that satisfy people's needs
  11. 20. condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced
  12. 22. economic system in which individuals own and operate the majority of businesses that provide goods and services
  13. 23. competition^the market structure that exists when there are many small businesses selling one standardized product
  14. 24. individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something
  15. 27. ^the rivalry among businesses for consumers' dollars
  16. 29. condition characterized by a continuing rise in prices
  17. 30. expansion^the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services, which in turn stimulates employment
  18. 31. resources^the physical and mental abilities that people use to produce goods and services
  19. 32. of living^refers to the level of wealth and material comfort that people have available to them