Business Unit 1

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Across
  1. 3. an inverse relationship between prices and supply of a good or service
  2. 6. Physical products produced and/or sold to consumers
  3. 8. Further improving already-existing products using new technology, materials, or processes
  4. 12. Unable to be touched physically; items without a physical presence
  5. 15. Tangible goods that are vital for survival
  6. 16. Goods that can be used in place of another product, often due to similar function
  7. 18. People or an organization that purchase goods or services
  8. 19. People in a business that produce goods and services (employees)
  9. 23. Reliance of different business on one another to ensure smooth functioning
  10. 25. Tangible goods not necessary, but can make life more pleasant
  11. 26. Assistance provided to consumers which result in intangible results
  12. 27. Theory in which needs are placed in tiers, demonstrating the priority levels of different needs
  13. 28. Goods often used and sold in conjunction with each other
Down
  1. 1. economy that prioritizes government as the primary decision-maker
  2. 2. Items an individual would require for survival (food, clothing, shelter)
  3. 3. a positive relationship between prices and supply of goods and services
  4. 4. Assets used to manufacture goods (equipment, money, buildings)
  5. 5. Index used to measure average changes in prices paid by customers for a certain group of goods and services
  6. 7. Unique idea made into a product; has not been thought of before
  7. 9. Products and/or services no longer available to consumers; may be caused by new innovation or outdated technology
  8. 10. Person who is a user of goods and services
  9. 11. Items an individual may want, but is not necessary for survival (devices, toys)
  10. 12. General increase in price of goods and services over a period of time
  11. 13. Total monetary value of goods and services produced in a country within a certain time period
  12. 14. Changes made to the real GDP caused by periods of expansion and contraction
  13. 17. Factors through which goods and services are produced and provided to consumers
  14. 20. Materials acquired from nature (wood, water, air)
  15. 21. Individual or business that provides and supplies goods and services
  16. 22. consumers and businesses make the decisions in the economy; this system allows for private ownership
  17. 24. equality is seen between quantity supplied and quantity demanded