2.05 Key Terms Crossword

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Across
  1. 6. A market structure in which there are relatively few sellers, and industry leaders usually determine prices
  2. 8. A risk-response strategy that involves choosing not to do something that is considered risky
  3. 10. 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)
  4. 11. The money that a business spends
  5. 12. competition: Rivalry between or among businesses that offer dissimilar goods or services
  6. 13. expenses: All of the expenses involved in running a business
  7. 14. The money received by resource owners and by producers for supplying goods and services to customers
  8. 17. risks: The possibility of loss or failure that occurs as a result of the economy
  9. 19. 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. risk: The possibility of loss (failure) or gain (success) inherent in conducting business
Down
  1. 1. competition: Rivalry between or among businesses that offer similar types of goods or services
  2. 2. competition: A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
  3. 3. competition: A type of rivalry between or among businesses that involves factors other than price
  4. 4. The rivalry between two or more businesses to attract scarce customer dollars
  5. 5. structure: The type of market, or environment, in which businesses operate
  6. 7. 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
  7. 9. risks: The possibility of loss or failure from nature
  8. 15. risks: The possibility of loss or failure from human error
  9. 16. profit: Money left after the cost-of-goods expense is subtracted from total income (income from sales-cost of goods=gross profit)
  10. 18. 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