Business chapter 1

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Across
  1. 2. Economic resources a nation uses to make goods and supply services for its population.
  2. 7. The value of the next best option that was not selected.
  3. 9. When something is given up in order to gain something else.
  4. 10. Characteristics of a product that satisfy wants and needs
  5. 12. Organized way in which a nation chooses to use its resources to create goods and services.
  6. 13. science that examines how goods and services are produced, sold, and used
  7. 14. Products businesses use to produce other goods.
  8. 16. An economy in which individuals are free to make their own decisions, also known as free enterprise or private enterprise.
  9. 20. Customers who purchase goods and services for their own use
  10. 23. An economic principle that states the price of a product is determined by the relationship of the supply of the product and the demand for the product.
  11. 25. An economy in which both the government and individuals make decisions about economic resources.
  12. 26. individual or group who buys products
  13. 27. anything that can be bought or sold
  14. 28. Money earned in exchange for work
  15. 31. Actions taken by two or more businesses attempting to attract the same customers.
  16. 32. physical item that can be touched
Down
  1. 1. Process of choosing an option after evaluating the available information and weighing the costs and benefits of your alternatives.
  2. 3. Something a person desires, but can live without
  3. 4. An economic system, where the economic resources are privately owned by individuals rather than the government.
  4. 5. The difference between the income earned and expenses incurred by a business during a specific period of time
  5. 6. An economy in which economic decisions are based on a society’s values, culture, and customs.
  6. 8. When demand is higher than the available resources.
  7. 11. All the tools, equipment, and machinery used to produce goods or provide services.
  8. 15. term for all activities involved in developing and exchanging products
  9. 17. Person who starts a new business or purchases an existing business.
  10. 18. something a person must have to survive
  11. 19. Anywhere buyers and sellers meet to buy and sell goods and services
  12. 21. Level of material comfort measured by the goods, services, and luxuries available
  13. 22. Willingness and ability to start a new business.
  14. 24. An economy in which the government makes all the economic decisions for its citizens.
  15. 29. action or task that is performed, usually for a fee
  16. 30. Work performed by people in organizations, also called human resource.