Free Enterprise System

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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.


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