The Free Enterprise System

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Price Competition

Focuses on the sale price of a product

Nonprice Competition

When businesses choose to compete on the basis of factors that are not related to price

Patent

When you alone own the rights to your item or idea

Domestic Business

A business that sells products only in its own country

Supply

Amount of goods producers are willing to make and sell

Private Sector

Businesses not associated with government agencies

Retailers

Buy goods from wholesalers or directly from manufacturers and resell them to the customer

Industry

Consists of a group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services

Accounting

Discipline that keeps track of a company's financial situation

Free Enterprise System

Encourages individuals to start and operate their own businesses in a competitive system, without government involvement

Monopoly

Exclusive control over a product or the means of producing it

Finance

Function of business that involves money management

Nonprofit Organization

Functions like a business but uses the money it makes to fund the cause identified in its charter

Copyright

Involves anything that is authored by an individual, such as writings, music, and artwork

Profit

Money earned from conducting business after all costs and expenses have been paid

Wholesalers

Obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers

Business Risk

Potentional for loss or failure

Management

Process of achieving company goals by effective use of resources through planning, organizing, and controlling

Demand

Refers to consumer willingness and ability to buy products

For-Profit Business

Seeks to make a profit from its operations

Global Business

Seels its products in more than one country

Competition

Struggle for customers

Trademark

A word, name, symbol, sound, or color that identifies a good or service that cannot be used by anyone but the owner

Public Sector

Government-financed agencies

Derived Demand

The industrial market is based on, or derived from, the demand for consumer goods and services

Production

The process of creating, expanding, manufacturing, or improving on goods and services


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