2.05 key terms

Edit Answers
12345678910111213141516171819202122232425262728
Across
  1. 4. competition: A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
  2. 6. competition: A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition
  3. 7. risks: The possibility of loss or failure from human error
  4. 10. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss
  5. 11. motive: The desire to make a profit, which moves people to invest in business
  6. 12. competition: A type of rivalry between or among businesses that involves factors other than price
  7. 13. of goods: The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells
  8. 14. competition: Rivalry between or among businesses that offer dissimilar goods or services
  9. 17. The money received by resource owners and by producers for supplying goods and services to customers
  10. 19. risks: The possibility of loss or failure from nature
  11. 21. A market structure in which there are relatively few sellers, and industry leaders usually determine prices
  12. 22. profit: Money left after the cost-of-goods expense is subtracted from total income (income from sales-cost of goods=gross profit)
  13. 24. A risk-response strategy that involves choosing not to do something that is considered risky
  14. 25. structure: The type of market, or environment, in which businesses operate
  15. 27. A risk-response strategy that involves moving the impact of a risk to someone or something else
  16. 28. profit: Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit-operating expense=net profit)
Down
  1. 1. risks: Chances of loss that carry with them the possibility of loss or no loss
  2. 2. risk: The possibility of loss (failure) or gain (success) inherent in conducting business
  3. 3. risks: The possibility of loss or failure that occurs as a result of the economy
  4. 5. risks: Chances of loss that may result in loss, no change, or gain
  5. 8. A risk-response strategy that involves assuming responsibility for the risk rather than transferring it
  6. 9. The rivalry between two or more businesses to attract scarce customer dollars
  7. 15. competition: Rivalry between or among businesses that offer similar types of goods or services
  8. 16. The money that a business spends
  9. 18. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available
  10. 20. monopolies: A monopoly that the government allows to exist legally under controlled conditions
  11. 23. expenses: All of the expenses involved in running a business
  12. 26. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (income-expense=profit)