Free Enterprise System
Domestic Business
A business that only operates in one country.
Global Business
A business that operates in more than one country. For-profit business- Seek to make a profit from its operations.
Patent
A document that gives you sole rights to your product or idea.
Industry
A group of businesses that produce/handle the same group of products.
Free Enterprise System
An economic system where individuals start their own businesses in a competitive system, without government involvement, and prices are decided by the people.
Finance
Businesses money management.
Private Sector
Businesses not associated with the government.
Retailers
Buy goods from wholesalers to sell to consumers.
Price Competition
Companies try to make their price as low as possible since customers will by the cheapest one; this is assuming other variables are the same for the two products besides price.
Monopoly
Exclusive control over a certain market in an economy.
Nonprice Competition
Factors such as, quality, service, financing, business location, and reputation that companies also compete for.
Accounting
Keeping track of a company's financial records.
Nonprofit organization
Makes money like a normal business, but all the profits are donated to the cause it supports.
Profit
Money made after all expenses are subtracted out.
Wholesalers
Sell goods from the factories to the industrial users.
Competition
Similar businesses compete for customers.
Supply
The amount of goods the producers are willing to make and sell.
Demand
The consumers willingness and ability to buy products.
Derived Demands
The demand for industrial goods, which is based on the demand for consumer goods.
Trademark
A word, name, symbol, sound, or color that identifies a good/service, and can't be used by anyone else.
Copyright
Gives exclusive rights of a product to the individual who owns it.
Public Sector
Government Financed programs.
Business Risk
The potential for loss or failure of a business.
Management
The process of achieving a company's goals by effective use of its resources.
Production
The process of creating, expanding, manufacturing, or improving on goods or services.
