Choice 3

4. A risk-response strategy that involves assuming responsibility for the risk rather than transferring it.
6. Rivalry between or among businesses that offer similar types of goods or services.
10. A type of rivalry between or among businesses that involves factors other than price.
11. The desire to make a profit.
12. Chances of loss that carry with them the possibility of loss or no loss.
17. market structure is controlled by 1 dominant supplier with no subtitutes.
18. A monopoly that the government allows to exist legally under controlled conditions.
20. Chances of loss that may result in loss, no change, or gain.
21. A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
22. (gross profit-operating expense)
24. Rivalry between or among businesses that offer subtitute goods or services.
25. The possibility of loss or failure that occurs as a result of the economy.
26. The possibility of loss or failure from human error.
27. possibility of loss or gain in business.

1. rivalry between 2 or more businesses over similar products
2. The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell
3. choosing not to do something because it is risky
5. A risk-response strategy that involves moving the impact of a risk to someone or something else.
7. (income-expense)
8. (income from sales-cost of goods)
9. All of the expenses involved in running a business.
13. money a business spends
14. 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.
15. The type of market, or environment, in which businesses operate.
16. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss.
19. risk of loss or failure by nature.
23. The money received by resource owners and by producers for supplying goods and services to customers.