Across
- 6. few sellers; established markets which are extremely difficult to enter
- 7. organization which employs resources in order to produce a good or service for a profit
- 10. of or exhibiting similar features; two or more objects which are the same
- 12. industry with only one firm producing the product, thus controlling the market
- 14. marketing system in which flexible prices are a necessity due to competition
- 15. French term meaning “let do;” belief the government should have a hands off approach and stay out of the economy
- 17. nothing is done due to possible negative effects of government intervention
- 18. mutual dependence
- 19. market structure where many firms compete against each other when selling similar products
- 21. allows access of buyers and sellers to the market
- 25. government specifies the price a monopolist is able to charge for their product
- 26. to be similarly priced
Down
- 1. when marketers compete on the basis of price
- 2. government directly controls the firm’s behavior
- 3. government controls mergers and acquisitions to make sure competition exists and to prevent collusion
- 4. amount of monetary gain after all production costs have been subtracted
- 5. firms consciousness of their competition’s prices and actions; tendency of
- 8. business action of two or more companies striving to gain customers
- 9. Competition focuses on factors such as features, quality, service and promotion
- 11. most resources are government owned
- 13. freedom of private businesses to operate in a competitive manner for profit
- 16. capital, labor and land assets used in production operations
- 20. ability of individual citizens to own and operate resources
- 22. income before any deductions are taken out
- 23. exists as a result of the high fixed costs or startup costs of operating a business in a specific industry
- 24. prohibits the private ownership or management of resources