Business Essentials

2. A risk-response strategy that involves assuming responsibility for the risk rather than transferring it.
5. A risk-response strategy that involves choosing not to do something that is considered risky.
7. The possibility of loss or failure from human error.
8. Large marsupial
10. Has a trunk
11. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss.
14. 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).
15. Man's best friend
16. The money that a business spends.
18. All of the expenses involved in running a business.
20. A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
22. A risk-response strategy that involves moving the impact of a risk to someone or something else.
24. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
25. A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
26. The possibility of loss or failure from nature.
27. Likes to chase mice
30. The possibility of loss (failure) or gain (success) inherent in conducting business.

1. 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. Rivalry between or among businesses that offer dissimilar goods or services.
4. Monopolies that the government allows to exist legally under controlled conditions.
6. The money received by resource owners and by producers for supplying goods and services to customers.
9. Money left after the cost-of-goods expense is subtracted from total income (income from sales - cost of goods = gross profit).
12. competition A type of rivalry between or among businesses that involves factors other than price.
13. Rivalry between or among businesses that offer similar types of goods or services.
17. risk The possibility of loss or failure that occurs as a result of the economy.
19. 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).
21. Flying mammal
23. Chances of loss that may result in loss, no change, or gain.
28. Chances of loss that carry with them the possibility of loss or no loss.
29. 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.