Across
- 4. Believed the self-interest of businesspeople would lead them to create needed goods, services, and jobs.
- 5. The price at which the quantity consumers desire to buy equals the quantity sellers desire to sell.
- 6. An entity that seeks to earn a profit by providing a good or service is known as a(n)
- 7. Everything that makes business operations more effective, efficient, and productive
- 11. The quantity of a good that consumers are willing and able to buy at different prices at a specific time.
- 13. Focuses on the decisions and behavior of people and organizations in particular markets
- 15. The statistical study of human population to learn its size, density, and characteristics is called
- 18. Most of the means of production and distribution are privately owned and operated for profit.
- 20. A business incurs a ________ if its costs and expenses exceed its revenues
Down
- 1. The economic and political system in which the state makes almost all economic decisions and owns almost all the major factors of production
- 2. Giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
- 3. unemployment refers to loss of jobs due to a recession or a similar downturn in the economy
- 8. One of the five factors of production that contribute to the creation of wealth
- 9. Exists when the entire supply of a good is controlled by a single seller
- 10. The chance a business owner will lose the time and money invested in a business that proves to be unprofitable
- 12. A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to
- 14. Mary Kay owns a nursery. The trucks, handcarts, and forklift she purchased for the business are called ________ investments
- 16. Refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour
- 17. producing items using the least amount of resources.
- 19. The general rise in the prices of goods and services over time.