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Entrepreneurship and the Economy
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ENTREPRENEUR:An individual who undertakes the creation, organization, and ownership of an innovative business with potential for growth.
VENTURE:A new business undertaking that involves risk.
ENTREPRENEURSHIP:The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business.
ECONOMICS:The study of how people choose to allocate scarce resources to fulfill their unlimited wants.
FREEENTERPRISESYSTEM:Economic system found in most democratic nations.
PROFIT:Money that is kept after all expenses of running a business have been deducted from their income.
MARKETSTRUCTURE:The nature and degree of competition among businesses operating in the same industry.
MONOPOLY:Market structure in which a particular commodity has only one seller
OLIGOPOLY:Market structure in which there are just a few competing firms.
FACTORSOFPRODUCTION:The resources businesses use to produce the goods and services that people want.
SCARCITY:When demand exceeds supply.
DEMAND:The quantity of goods or services that consumers are willing and able to buy.
ELASTICDEMAND:Situations in which a change in prices creates a change in demand.
INELASTICDEMAND:Situations in which a change in price has little or no effect on demand.
DIMINISHINGMARGINALUTILITY:Effect or law that price alone does not determine demand.
SUPPLY:The amount of a good or service that producers are willing to supply.
EQUILIBRIUM:Point at which consumers buy all of a product that is supplied.
GROSSDOMESTICPRODUCT:Total market value of goods and services produced by a nation at any given time.
BUSINESSCYCLE:The periodic random pattern of expansion and contraction that the economy goes through.
NEED:A basic requirement for survival.
WANT:Something that you do not have to have for survival, but would like to have.
GOODS:Physical products that satisfy consumers' wants or needs.
SERVICES:Intangible products.
Entrepreneurship and the Economy
Across:| 4. | A basic requirement for survival. | | 6. | A new business undertaking that involves risk. | | 9. | The amount of a good or service that producers are willing to supply. | | 11. | The study of how people choose to allocate scarce resources to fulfill their unlimited wants. | | 14. | Intangible products. |
| | 16. | Money that is kept after all expenses of running a business have been deducted from their income. | | 17. | Something that you do not have to have for survival, but would like to have. | | 19. | Market structure in which there are just a few competing firms. | | 20. | Economic system found in most democratic nations. |
| | Down:| 1. | The quantity of goods or services that consumers are willing and able to buy. | | 2. | The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business. | | 3. | The nature and degree of competition among businesses operating in the same industry. | | 5. | Effect or law that price alone does not determine demand. | | 7. | Situations in which a change in prices creates a change in demand. | | 8. | The resources businesses use to produce the goods and services that people want. |
| | 10. | Total market value of goods and services produced by a nation at any given time. | | 12. | Physical products that satisfy consumers' wants or needs. | | 13. | The periodic random pattern of expansion and contraction that the economy goes through. | | 15. | When demand exceeds supply. | | 18. | Market structure in which a particular commodity has only one seller |
| |
© 2013
PuzzleFast.com, Noncommercial Use Only
Entrepreneurship and the Economy
Across:| 4. | A basic requirement for survival. | | 6. | A new business undertaking that involves risk. | | 9. | The amount of a good or service that producers are willing to supply. | | 11. | The study of how people choose to allocate scarce resources to fulfill their unlimited wants. | | 14. | Intangible products. |
| | 16. | Money that is kept after all expenses of running a business have been deducted from their income. | | 17. | Something that you do not have to have for survival, but would like to have. | | 19. | Market structure in which there are just a few competing firms. | | 20. | Economic system found in most democratic nations. |
| | Down:| 1. | The quantity of goods or services that consumers are willing and able to buy. | | 2. | The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business. | | 3. | The nature and degree of competition among businesses operating in the same industry. | | 5. | Effect or law that price alone does not determine demand. | | 7. | Situations in which a change in prices creates a change in demand. | | 8. | The resources businesses use to produce the goods and services that people want. |
| | 10. | Total market value of goods and services produced by a nation at any given time. | | 12. | Physical products that satisfy consumers' wants or needs. | | 13. | The periodic random pattern of expansion and contraction that the economy goes through. | | 15. | When demand exceeds supply. | | 18. | Market structure in which a particular commodity has only one seller |
| |
© 2013
PuzzleFast.com, Noncommercial Use Only