Spelling Business 2

3. A social arrangement that pursues collective goals, often involving the production of goods and services.
4. The commercial transaction involving the buying and selling of goods and services.
5. A business owned and controlled by one person who takes all the risks and keeps all the profits.
7. The quantity of a good or service that producers are willing and able to offer for sale at various prices.
8. Intangible products that satisfy human wants (e.g., education, banking).
9. Money, machinery, equipment, and other financial assets needed to start and run a business.
15. Individual who takes the financial risk to start and manage a business venture.
17. The process of getting the right product to the right customer at the right price, place, and time.
19. A system where individuals or firms pay a premium to a company to cover financial losses from specified risks.
20. Tangible products that satisfy human wants (e.g., cars, food).
21. The legal responsibility for business debts; can be limited or unlimited.

1. A business owned by two or more individuals who share the responsibilities and profits according to an agreement.
2. Occurs when total sales are not enough to cover all business expenses.
6. An asset (like property) pledged by a borrower to a lender to secure a loan.
7. A system where individuals, firms, or countries concentrate on the tasks they are best suited for.
10. The human resources, both mental and physical, used in the production process.
11. The taking of risks in establishing a business; a business or company itself.
12. An agreement made by two or more parties that is legally binding and enforceable by law.
13. System of exchange of goods or services for other goods or services without the use of money.
14. A legal agreement to use a parent company's name, product, and methods of operation.
16. The quantity of a good or service that consumers are willing and able to purchase at various prices.
18. The surplus funds remaining after all business expenses have been covered.