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Business Chapter 1 Key Terms

Use the definitions to determine key words. Find the key words in the puzzle!

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1.The economic principle that supply goes up when prices go up, and comes down when prices come down (3 Words)
3.Soil, gold, trees, water, fish (2 Words)
5.The amount of money required at each stage of production, such as the cost of raw materials
7.Farmers, factory workers, bankers, teachers, pilots (labour) (2 Words)
8.Means through which goods and services are made available to customers 1 (2 Words)
12.The economic principle that demand goes up when prices come down, and comes down when prices go up. (3 Words)
14.Third factor of production including buildings, tools, trucks, MONEY (2 Words)
22.Food, clothing, and shelter (2 Words)
23.Something provided by a waiter, store clerk, or cab driver
24.Something with monetary value that can be touched
27.Item that is necessary for survival
28.The people who buy goods and services
30.People who take a risk and start a business to solve a problem or to take advantage of an opportunity
31.The quantity of a good or service that consumers are willing and able to buy at a particular price
32.If an item can be seen and touched it is called ______________
33.The quantity of goods and materials kept on hand for use or sale
2.Means through which goods and services are made available to customers 2 (3 Words)
4.This often allows multiple businesses to share space, reducing costs and increasing the opportunity to make profit (2 Words)
6.Individuals or businesses that make goods to meet the needs and wants of consumers
8.Heating, lighting, and water (2 Words)
9.The quantity of a good or service that businesses are willing and able to provide within a range of prices that people are willing to pay for.
10.Economic system in which the economic resources are privately owned and decisions about what to produce are made freely by individual owners (2 Words)
11.Item that is not necessary to survival but adds pleasure
13.Businesses rely on other businesses in order to function. This makes them ____________
15.If something can not be seen or touched is it called ____________
16.Limousine rides and spa trips. Also nice but not necessary (2 Words)
17.This kind of business does not seek to make money (3 Words)
18.An organization that produces or sells goods or services to satisfy the needs, wants, or demands of consumers for the purpose of making a profit
19.If you are selling something intangible but that has monetary value you are likely selling a ___________
20.Two or more businesses try to sell the same product or service to consumers. Influences price.
21.Home entertainment centers, luxury cars, and pools. Nice but not necessary (2 Words)
25.No longer in use
26.Expenditures involved in running a business such as wages, gas, kilometres on a vehicle, etc.
29.The amount of money left over after all costs and expenses have been taken away from a business’s income.

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