Across
- 4. risks: Chances of loss that carry with them the possibility of loss or no loss
- 5. risks: Chances of loss that may result in loss, no change, or gain
- 8. A risk-response strategy that involves choosing not to do something that is considered risky
- 9. risks: The possibility of loss or failure that occurs as a result of the economy
- 12. A risk-response strategy that involves moving the impact of a risk to someone or something else
- 14. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss
- 17. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available
- 18. structure: The type of market, or environment, in which businesses operate
- 20. expenses: All of the expenses involved in running a business
- 22. risk: The possibility of loss (failure) or gain (success) inherent in conducting business
- 26. A risk-response strategy that involves assuming responsibility for the risk rather than transferring it
- 27. competition: Rivalry between or among businesses that offer similar types of goods or services
- 28. monopolies: A monopoly that the government allows to exist legally under controlled conditions
Down
- 1. competition: 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
- 2. A market structure in which there are relatively few sellers, and industry leaders usually determine prices
- 3. risks: The possibility of loss or failure from human error
- 6. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (income-expense=profit)
- 7. risks: The possibility of loss or failure from nature
- 10. motive: The desire to make a profit, which moves people to invest in business
- 11. profit: Money left after the cost-of-goods expense is subtracted from total income (income from sales-cost of goods=gross profit)
- 13. The money that a business spends
- 15. competition: A type of rivalry between or among businesses that involves factors other than price
- 16. The rivalry between two or more businesses to attract scarce customer dollar
- 19. of goods: The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells
- 21. The money received by resource owners and by producers for supplying goods and services to customers
- 23. profit: Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit-operating expense=net profit)
- 24. competition: A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
- 25. competition: Rivalry between or among businesses that offer dissimilar goods or services