ITB Unit 1 Review

3. A person who takes financial risks to start and manage a business.
8. A market with many sellers offering identical products, leading to little control over prices.
10. An organization that reinvests earnings to support a mission rather than generate personal wealth.
11. The amount of a product businesses are willing to sell at different prices.
13. The study of how individuals and societies allocate scarce resources.
15. An economy driven by supply and demand with little government interference.
17. The overall rise in prices of goods and services over time.
18. Raw materials from nature used in business (e.g., water, minerals, forests).
19. The quantity of a good consumers are willing to buy at various prices.
20. Buying and bringing in goods from other countries.
21. An economy based on customs, traditions, and barter systems.
23. An organization that produces goods or services to satisfy needs.
25. The expenses a business incurs in producing goods or services.
27. An economic system where all businesses and resources are owned by the government.
31. Taxes placed on imported goods to protect domestic industries.
32. The potential for loss or failure in business decisions.
34. The study of large-scale economic factors, such as national economies and global trade.
35. The point where supply meets demand, balancing prices.

1. A market with many sellers offering similar but differentiated products.
2. The study of how individuals and businesses make economic decisions.
4. A blend of free markets and government regulation.
5. Total money a business earns from selling products or services.
6. An economic system where the government controls production and pricing.
7. Selling and shipping goods to foreign markets.
9. Machinery, tools, and buildings used to produce goods and services.
12. The financial gain when revenue exceeds costs.
14. A situation where a single company controls an entire industry.
16. A type of business that aims to generate financial gains.
22. The human effort, both physical and mental, used in production.
24. Intangible activities provided to satisfy consumer needs.
26. A system where major industries are government-owned, but private businesses still exist.
28. A market with only one supplier, eliminating competition.
29. A market dominated by a few large firms that influence prices and competition
30. A system where private individuals own businesses and operate for profit.
33. Tangible products that can be bought, sold, or traded.