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Risk, Profit, and Competition
Economics Standard 5
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1A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available
7Perils caused by human errors as well as the unpredictability of customers, employees, or the work environment
8Risks that result from changes in overall business conditions
10The rivalry among two or more businesses to attract scarce customer dollars
12Money received by resource owners or producers for supplying resources or goods and services
14All of the expenses involved in running a business
16Rivalry between or among businesses that offer dissimilar goods or services
17Desire to make a profit which incentivizes people to invest in business
19A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; aka pure competition
20Chances of loss that may result in loss, no change, or gain
21The possibility of loss to a business without any possibility of gain
22A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars
23A market structure in which there are relatively few sellers, and industry leaders usually determine prices
24Money spent or costs incurred in an effort to generate revenue
DOWN
2Perils resulting from environmental causes
3The possibility of loss (failure) or gain (success) inherent in conducting business
4Rivalry between or among businesses that offer similar types of goods or services
5Money left after the cost-of-goods expense is subtracted from total income
6Monopoly that the government allows to exist legally
9A promise made to the consumer that a product's purchase price will be refunded if the product is not satisfacotry
11A type of rivalry between or among businesses that involves factors other than price
13Amount of money a business pays for the products it sells or the raw materials to produces its own product
15A promise to the purchaser that a product will be repaired or replaced if it proves to be defective
17Monetary reward a business owner receives in return for taking a business risk
18Money left after the cost-of-goods expense AND operating expenses are deducted from total income
 
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