Economics Vocab Unit 3

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Across
  1. 5. a way to attract customers through style, service, or location, rather than a lower price
  2. 7. any human-made resource that is used to produce other goods and services
  3. 8. the combination of two or more firms involved in different stages of producing the same good or service
  4. 11. a certificate of ownership in a corporation
  5. 12. business organization owned by two or more persons who agree on a specific devision of responsibilites and profits
  6. 13. a market in which a single seller dominates
  7. 16. an institution that functions much like a business but does not operate for the purpose of making a profit
  8. 17. the legal obiligation to pay debts
  9. 18. a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm's debts
  10. 20. a business owned and managed by a single individual
  11. 21. the amount of money a business receives in excess of its expenses
  12. 24. the combination of two or more firms competing in the same market with the same good or service
  13. 27. a large corporation that produces and sells its goods and services in more than one country
Down
  1. 1. the ability of a company to control prices and total market output
  2. 2. a market structure in which many companies sell products that are similar but not identical
  3. 3. a way to attract customers through lower prices
  4. 4. a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task
  5. 6. the knowledge and skills a worker gains through education and experience
  6. 9. a set of exchanges and other venues where shares of publicly held companies are bought and sold
  7. 10. a market structure in which a large number of firms all produce the same product and no single seller controls supply or price
  8. 14. an organization of workers that tries to improve working conditions, wages, and benefits for its members
  9. 15. a business combination merging more than three businesses that produce unrelated products or services
  10. 19. a market that runs most efficiently when one large firm provides all of the output
  11. 22. a market structure in which a few large firms dominate the market
  12. 23. when two or more companies join to form a single firm
  13. 25. the potential for harm or financial loss
  14. 26. a type of business with limited liability for the owners, with the advantage of not paying corporate income tax