Across
- 2. risks The possibility of loss or failure that occurs as a result of the economy
- 3. risks Chances of loss that carry with them the possibility of loss or no loss
- 5. risks The possibility of loss or failure from nature
- 6. competition A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
- 10. risks The possibility of loss or failure from human error
- 12. economy An economic system in which all or many of the means of production and distribution are owned and controlled by the government.
- 15. economy An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.
- 18. profit Money left after the cost-of-goods expense is subtracted from total income (income from sales-cost of goods=gross profit)
- 22. expenses All of the expenses involved in running a business
- 23. competition Rivalry between or among businesses that offer dissimilar goods or services
- 24. risks Chances of loss that may result in loss, no change, or gain
- 27. business A business that employs 500 or fewer people.
- 28. A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available
- 30. A risk-response strategy that involves trying to reduce the chance of loss or severity of loss
- 32. economy An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.
- 33. 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
- 34. A risk-response strategy that involves assuming responsibility for the risk rather than transferring it
Down
- 1. A risk-response strategy that involves choosing not to do something that is considered risky
- 4. An individual who invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts.
- 7. The money received by resource owners and by producers for supplying goods and services to customers
- 8. monopolies A monopoly that the government allows to exist legally under controlled conditions
- 9. risk The possibility of loss (failure) or gain (success) inherent in conducting business
- 11. 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)
- 13. competition A type of rivalry between or among businesses that involves factors other than price
- 14. structure The type of market, or environment, in which businesses operate
- 16. system The organized way in which a country handles its economic decisions and solves its economic problems.
- 17. A modified command economic system in which the government owns the basic means of production and allows private ownership of businesses as well.
- 19. 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)
- 20. A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.
- 21. enterprise/free enterprise An economic system in which individuals and groups, rather than the government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services.
- 25. The money that a business spends
- 26. 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
- 29. A risk-response strategy that involves moving the impact of a risk to someone or something else
- 31. competition Rivalry between or among businesses that offer similar types of goods or services
- 35. A market structure in which there are relatively few sellers, and industry leaders usually determine prices