| Term | Definition |
|---|
| In the US, if we have enough money, we have the ability to buy whatever we want so long as it is legal. This ability is called freedom of- | ownership |
| 1-5% of a business's sales | profit |
| consumers willingness and ability to buy a product | demand |
| responsible for investigating deceptive business practices | FTC |
| Struggle for customers based on quality for products and services | non-price competition |
| What is the term forthe struggle between companies for customers | competition |
| potential for loss or failure | risk |
| provides electricity to rural/southern United States | Tennessee Valley Authority |
| Fed and State governments set a minimum wage that businesses must set for their employees. wage setting is an ex of the governments role as a | regulator |
| Because they prevent competition, ___s are prohibited in a free enterprise system | monopolies |
| the occupation health and safety admin. is a governmental regulatory agency created to protect | workers |
| The bookworm is a bookstore for kids. the owners make reading lists and hold seminars, the books cost 15% more than the local chain bookstore. the bookworm's owners engage in __ competition | nonprice |
| What is the function of a licensing agreement? | protects business and individuals from unauthorized copying |
| During the 1994-95 baseball strike, US secretary of labor Rob Rice and Prez Bill Clinton attempted to bring baseball players and team owners to an agreement. the attempts we an ex. of government's role as a business | supporter |
| Undercharging for a product in order to put competitors out of business- | predatory pricing |
| Responsible for regulating the sale of stocks and bonds | S.ecurity and E.xchange. Commitee |
| The __ __ board has the power to control U.S. monetary supply | Federal Reserve |
| Sole control over a product or the means of producing it- | monopoly |
| In business, when does the potential for profit increase? | When the Risk Increases |
| As a funder of public libraries, government is a | C. Provider |
| What is the group that decides whether a business will survive? | A. Consumers |
| Sleepy Time Mattress co. ads. that it is never undersold. The co is engaging in __ __ | price competition |
| Amount of goods producers are willing to make and sell | SUPPLY! |
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