Across
- 7. A business organization owned and operated by two or more people
- 9. economy System where government controls factors of production and makes all decisions
- 11. incentive The desire to earn a financial return that motivates business owners
- 15. proprietorship A business owned and operated by one person who has unlimited liability
- 16. Exchanging one good or service to purchase or produce another
- 18. Business organization treated as a single person by law with limited liability
- 19. possibilities curve Graph showing the maximum combinations of goods a nation can produce
- 21. price The price established where quantity demanded exactly equals quantity supplied
- 23. of living Measurement of material well-being based on how wants and needs are satisfied
- 26. System where private individuals own productive resources within legal limits
- 30. The loss of value in durable goods over time due to wear and tear
- 33. Spreading investments across different accounts or assets to lower risk
- 34. A risk-taking individual who starts and manages a new business for profit
- 36. A legal declaration of inability to pay debts based on income received
Down
- 1. economy Economic system based on customs and beliefs handed down through generations
- 2. Movement to educate buyers and demand safer better products from manufacturers
- 3. of supply Economic rule stating that price and quantity supplied move in the same direction
- 4. Receiving funds today to buy goods with a promise to pay in the future
- 5. Condition when quantity demanded is greater than quantity supplied at current price
- 6. The basic problem of economics where resources cannot meet all human wants
- 8. The study of how people choose to use limited resources to satisfy wants
- 10. A market controlled by a single supplier of a product with no close substitutes
- 12. of production The resources of land labor capital and entrepreneurship used to create output
- 13. competition Market structure with numerous sellers where no single firm controls prices
- 14. Condition when quantity supplied is greater than quantity demanded at current price
- 17. An industry dominated by a few large suppliers who exercise control over price
- 20. cost The value of the next-best alternative given up when a choice is made
- 22. debt Loan repaid with equal monthly payments over a specific period of time
- 24. The amount of a product consumers are willing and able to buy at various prices
- 25. system The way a nation uses its resources to satisfy its people's needs and wants
- 27. of demand Economic rule stating that price and quantity demanded move in opposite directions
- 28. economy An economic system combining private enterprise and government regulation
- 29. fund An investment company that pools money from many individuals to buy varied stocks
- 31. economy System where individuals own resources and freely choose what to consume and produce
- 32. percentage rate The total cost of credit expressed as a yearly percentage
- 35. The amount of a product producers are willing and able to sell at various prices