Semester 1 Review

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Across
  1. 3. A business which is owned and operated by a single owner.
  2. 5. Occurs when prices are set too high; Supply > Demand.
  3. 7. An economic system defined by low government control.
  4. 8. A government-enforced maximum price on a product.
  5. 9. The quantity of a product people are willing/able to buy at a certain price.
  6. 10. Products/services which make our lives more pleasant.
  7. 12. LLC stands for...
  8. 15. Physical products which can be touched/held.
  9. 17. A good used together with another good.
  10. 18. A business which is owned and operated by 2 - 5 people.
  11. 21. Any money or machines used to create goods or services.
  12. 22. A contractual agreement to purchase and use the name/resources of a known business.
  13. 23. A good used instead of another good.
  14. 24. Something which is consumed as it is produced.
  15. 25. The quantity of a product businesses are willing/able to make at a certain price.
  16. 26. The demand line will always be _______ sloping.
  17. 27. The supply line will always be _______ sloping.
Down
  1. 1. An economic system defined by high amounts of government control.
  2. 2. Any products/services which are required to survive.
  3. 4. A special contract which explains the rules of a business partnership.
  4. 6. A government-enforced minimum price on a product.
  5. 11. GDP stands for...
  6. 13. Any people/employees involved in the creation of goods.
  7. 14. Occurs when prices are set too low; Demand > Supply.
  8. 16. Any resource which comes from nature.
  9. 19. A person who takes the risk of owning a business.
  10. 20. A detailed document which describes your business; used to get funding.