Across
- 1. A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.
- 5. A risk-response strategy that involves choosing not to do something that is considered risky.
- 9. The human and natural resources and capital goods used to produce goods and services.
- 11. economy: An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.
- 13. risks: Chances of loss that carry with them the possibility of loss or no loss.
- 14. Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.
- 18. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss.
- 19. The possibility of loss (failure) or gain (success) inherent in conducting business.
- 20. Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
- 24. risks: Chances of loss that may result in loss, no change, or gain.
- 25. resources: Items found in nature that are used to produce goods and services.
- 28. The point at which the quantity supplied is equal to the quantity demanded.
- 29. A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
- 31. The situation that exists when supply is greater than demand.
- 33. expenses: All of the expenses involved in running a business.
- 35. A desire for something that can only be satisfied by spending money.
- 36. The process or activity of using goods and services; the economic process or activity of using goods and services.
- 37. competition: Rivalry between or among businesses that offer similar types of goods or services.
- 40. economy: An economic system in which all or many of the means of production and distribution are owned and controlled by the government.
- 41. The money received by resource owners and by producers for supplying goods and services to customers.
- 42. The money that a business spends.
- 45. products: Products produced for personal consumption.
- 46. The study of how to meet unlimited, competing wants with limited resources.
- 50. 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.
- 51. 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.
- 52. A risk-response strategy that involves moving the impact of a risk to someone or something else.
- 53. A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well.
- 54. 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).
- 56. The possibility of loss or failure from nature.
- 57. A desire for something that is not required.
- 58. competition: Rivalry between or among businesses that offer dissimilar goods or services.
Down
- 2. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
- 3. The economic process of trading one good/service for another.
- 4. Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
- 6. want: Desires for things that can be obtained without spending money.
- 7. Something required or essential that is lacking.
- 8. resources: People who work to produce goods and services.
- 10. economy: An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.
- 12. The economic process or activity of producing goods and services.
- 15. The economic process or activity by which income is divided among resource owners and producers.
- 16. A condition resulting from the gap between limited resources and unlimited wants for goods and services.
- 17. Giving up all or a part of one thing in order to get something else
- 21. competition: A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
- 22. of production: Productive resources; human and natural resources and capital goods.
- 23. goods: Manufactured or constructed items that are used in the production of goods and services.
- 24. The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.
- 26. demand: A form of demand for products in which changes in price correspond to changes in demand.
- 27. Productive acts that are useful, scarce, and transferable and which satisfy economic wants.
- 30. The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
- 32. The organized way in which a country handles its economic decisions and solves its economic problems.
- 34. competition: A type of rivalry between or among businesses that involves factors other than price.
- 35. An indication of how changes in price will affect changes in the amounts demanded and supplied.
- 38. The possibility of loss or failure that occurs as a result of the economy.
- 39. The situation that exists when demand is greater than supply.
- 43. The possibility of loss or failure from human error.
- 44. Physical objects that are useful, scarce, and transferable and which satisfy economic wants.
- 47. profit :Money left after the cost-of-goods expense is subtracted from total income (income from sales - cost of goods = gross profit).
- 48. products: Products purchased by producers for resale, to make other goods and services, and/or to use in business operations.
- 49. demand: A form of demand in which changes in price do not affect demand.
- 55. 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).