Across
- 2. all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
- 4. A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and the owner. You are entitled to all profits and are responsible for all your business's debts, losses and liabilities.
- 5. a financial institution licensed to receive deposits and make loans
- 7. profit is the excess over the returns to capital, land, and labor (interest, rent, and wages).
- 10. the quantity of. money for which one may buy or sell a commodity
- 11. Unions: a nonprofit-making money cooperative whose members can borrow from pooled deposits at low-interest rates.
- 13. the using up of a resource.
- 17. send (goods or services) to another country for sale.
- 18. people, especially the personnel employed by a given company, institution, or the like.
- 20. the natural wealth of a country, consisting of land, forests, mineral deposits, water, etc.
- 22. the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.
- 23. bring (goods or services) into a country from abroad for sale.
- 24. an economy in which production, investment, prices, and incomes are determined centrally by a government
- 26. Tools, machines, and factories used to produce goods.
- 27. is a system that relies on customs, history, and time-honored beliefs.
- 28. the situation in an economy where the desires and needs of consumers control the output of producers.
Down
- 1. A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities
- 3. The law of demand states that if all other factors remain equal, the higher the price of a good, the fewer people will demand that good. In other words, the higher the price, the lower the quantity demanded.
- 6. the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
- 8. essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property (for example, copyrights or patents ).
- 9. the loss of potential gain from other alternatives when one alternative is chosen.
- 12. the propensity of an individual to behave creatively, act with foresight, use intuition, and be alert to new opportunities.
- 13. Competition refers to a situation in a market in which firms or sellers independently strive for the patronage of buyers in order to achieve a particular business objective, e.g., profits, sales and/or market share
- 14. an economic system combining private and public enterprise.
- 15. a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
- 16. Free enterprise is an economic system that provides individuals the opportunity to make their own economic decisions, free of go.
- 19. an economic system in which prices are determined by unrestricted competition between privately owned businesses.
- 21. the state of being scarce or in short supply; shortage.
- 22. encompasses a wide variety of economic laws and theories that define or explain how an economy attempts to satisfy the unlimited demand in the marketplace with a finite supply of resources available to do so
- 25. A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.