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BF10 Unit 2 Review

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Across
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A market structure in which there are relatively few sellers, and industry leaders usually determine prices
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Resources found in nature that are used to produce goods and services
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A risk-response strategy that involves choosing not to do something that is considered risky
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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
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A business that operates out of a physical facility
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The quantity of a good or service that buyers are ready to buy at a given price at a particular time
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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
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Business operations can be broken down into 3 parts: production, distribution and
Down
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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
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A want that can be obtained without spending money
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The market in which demand is low and supply is high, surplus is created, requiring seller’s to lower prices
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Manufactured or constructed items that are used in the production of goods and services
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The economic process or activity of producing goods and services
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A form of demand for products in which changes in price correspond to changes in demand (wants-luxury)
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Type of competition between or among businesses that offer similar types of goods or services