__________________: 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.

__________________: the possibility of loss or failure that occurs as a result of the economy.

The possibility of loss (failure) or gain (success) inherent in conducting business.

Amount of income earned by a business prior to paying income taxes.

The money that a business spends.

Rivalry between or among businesses that offer similar types of goods or services.

______________: the possibility of loss or failure from human error.

______________: a type of rivalry between or among businesses that involves factors other than price.

______________: the type of market, or environment, in which businesses operate.

______________: rivalry between or among businesses that offer dissimilar goods or services.

______________: the possibility of loss or failure from nature.

______________: a type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.

______________: money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit - operating expense = NP).

______________: 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 = P).

______________: all of the expenses involved in running a business.

______________: 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.

The desire to make a profit, which moves people to invest in business.

Chances of loss that may result in loss, no change, or gain.

Chance of loss that carry with them the possibility of loss or no loss.

______________: a risk-response strategy that involves trying to reduce the chance of loss or severity of loss.

______________: a risk-response strategy that involves moving the impact of a risk to someone or something else.

______________: a risk-response strategy that involves assuming responsibility for the risk rather than transferring it.

What is the amount of money paid for raw materials and products sold?

______________: the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

______________: a condition resulting from the gap between limited resources and unlimited wants for goods and services.

______________: giving up all or a part of one thing in order to get something else.

______________: the amount of money paid for a good, service, or resource.

______________: the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.

______________: a desire for something that is not required.

______________: economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.

______________: something required or essential that is lacking.

______________: desires for things that can be obtained without spending money.

______________: economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.

______________: the study of how to meet unlimited, competing wants with limited resources.

______________: the point at which the quantity supplied is equal to the quantity demanded.

The economic process or activity by which income is divided among resource owners and producers.

The economic process of trading one good/service for another.

Items found in nature that are used to produce goods and services.

______________: manufactured or constructed items that are used in the production of goods and services.

______________: economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.

______________: a form of demand in which changes in price do not affect demand.

______________: production resources; human and natural resources and capital goods.

______________: the process or activity of using goods and services; the economic process or activity of using goods and services.

______________: products produced for personal consumption.

____________________: a form of demand for products in which changes in price correspond to changes in demand.

____________________: productive acts that are useful, scarce, and transferable and which satisfy economic wants.

____________________: the economic process of trading one good/service for another.

__________________: the human and natural resources and capital goods used to produce goods and services.

__________________: a form of demand in which changes in price do not affect demand.

__________________: economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.

Supply is greater than demand.

A desire for something that can only be satisfied by spending money.

The situation that exists when demand is greater than supply.

Productive resources; human and natural resources and capital goods.

________________: items found in nature that are used to produce goods and services.

________________: the economic process or activity of producing goods and services.

________________: products purchased by producers for resale, to make other goods and services, and/or to use in business operations.

________________: people who work to produce goods and services.

A form of demand for products in which changes in price correspond to changes in demand is:

The economic resource where people work to produce goods or services are:

What is an example of a noneconomic want?