Let's Talk Business

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Across
  1. 1. This occurs when the quantity supplied exceeds the quantity demanded
  2. 2. A business owned by two or more people. There are generally two types of partnerships – limited and general.
  3. 4. The reality that people's wants always exceed the resources available to fulfill those wants
  4. 9. A “franchisee” pays a fee to a “franchisor” that allows the franchisee to use the franchisor’s brand name. There are generally two types of franchises: business format franchise and product trade name franchise.
  5. 12. The legal responsibility of an individual (or entity) for business actions, debts, and obligations.
  6. 13. Something that can be touched, and/or can be perceived by one or more of the other senses
  7. 14. An item that is required, essential, or very important, well beyond just a desire.
  8. 15. Desire for goods, services or intangible items that can only be acquired by spending money - items like a car, or a haircut
  9. 16. The rivalry between companies selling similar products and services, competing to attract customers with limited dollars to spend
  10. 17. A momentary state or condition where the quanity of a product supplied equals the quantity demanded for the same product
Down
  1. 1. Products that are considered unique that consumers will spend a lot of time looking for
  2. 3. This occurs when the quantity demanded exceeds the quantity supplied
  3. 5. is a legal entity that is separate from its owners and controlled by a board of directors; the entity has most of the same rights and responsibilities that individuals possess, but offers limited liability.
  4. 6. A market where one company controls the supply of a good or service, where other options for consumers aren't readily available
  5. 7. An Entity that manufactures a product or provides a service
  6. 8. A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in economic factors, like price
  7. 10. An intangible provision that has utility, is scarce, and is transferable
  8. 11. The ability to be moved from one person or place to another