The Nature of Business

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Across
  1. 1. A graph showing the quantity of a good or service that people are willing to buy at various prices.
  2. 3. An index of the prices of a “market basket” of goods and services purchased by typical urban consumers.
  3. 5. The quantity of a good or service that businesses will make available at various prices.
  4. 7. An increase in a nation’s output of goods and services.
  5. 9. The number of suppliers in a market.
  6. 11. The government’s use of taxation and spending to affect the economy.
  7. 17. An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system.
  8. 18. An economic system characterized by government ownership of virtually all resources, government control of all markets, and economic decision-making by central government planning.
  9. 20. The condition that occurs when the federal government spends more for programs than it collects in taxes.
  10. 22. The application of science and engineering skills and knowledge to solve production and organizational problems.
  11. 24. The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer.
  12. 25. The central banking system of the United States.
  13. 27. The study of how a society uses scarce resources to produce and distribute goods and services.
  14. 30. The use of monetary policy by the Fed to tighten the money supply by selling government securities or raising interest rates.
  15. 31. Tangible items manufactured by businesses.
  16. 33. A market structure in which a single firm accounts for all industry sales of a particular good or service and in which there are barriers to entry.
  17. 34. The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated.
  18. 36. The situation that occurs when government spending replaces spending by the private sector.
  19. 38. The money a company receives by providing services or selling goods to customers.
  20. 40. The quantity of a good or service that people are willing to buy at various prices.
  21. 41. The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact.
  22. 43. Upward and downward changes in the level of economic activity.
  23. 45. The resources used to create goods and services.
Down
  1. 2. The percentage of the total labor force that is not working but is actively looking for work
  2. 4. The point at which quantity demanded equals quantity supplied.
  3. 6. The money left over after all costs are paid.
  4. 7. The use of monetary policy by the Fed to increase, or loosen, the growth of the money supply.
  5. 8. Expenses incurred from creating and selling goods and services.
  6. 10. A decline in GDP that lasts for at least two consecutive quarters.
  7. 12. The condition when all people who want to work and can work have jobs.
  8. 13. The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products.
  9. 14. organization An organization that exists to achieve some goal other than the usual business goal of profit.
  10. 15. The total market value of all final goods and services produced within a nation’s borders each year.
  11. 16. The combined talents and skills of the workforce.
  12. 19. The subarea of economics that focuses on individual parts of the economy, such as households or firms.
  13. 21. The situation in which the average of all prices of goods and services is rising.
  14. 23. Short-term unemployment that is not related to the business cycle.
  15. 26. The potential to lose time and money or otherwise not be able to accomplish an organization’s goals.
  16. 28. People who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal.
  17. 29. inflation Inflation that occurs when increases in production costs push up the prices of final goods and services.
  18. 32. An organization that strives for a profit by providing goods and services desired by its customers.
  19. 35. Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy.
  20. 37. The amount of goods and services one worker can produce.
  21. 39. An economic system in which the basic industries are owned either by the government itself or by the private sector under strong government control.
  22. 40. Inflation that occurs when the demand for goods and services is greater than the supply.
  23. 42. The study of people’s vital statistics, such as their age, gender, race and ethnicity, and location.
  24. 44. Intangible offerings of businesses that can’t be held, touched, or stored.