| Term | Definition |
|---|
| free enterprise system | a system that encourages individuals to start and operate their own businesses in a competitive system, without government involvment. |
| patent | a government-issued exclusive right to make, use, or sell an invention for up to 20 yeras. |
| trademark | a brand name, brand mark, trade name,trade character, or combintion of these elements that is given legal protection by the federal government. |
| copyright | the exclusive right to reproduce or sell a work authored by an individual, such as writings, music and artwork. |
| competition | the struggle to attract customers, keep existing ones, and take away customers from other companies |
| price competition | the sale price of a product. |
| nonprice competition | competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation. |
| monopoly | exclusive control over a product or the means of producing it |
| business risk | is the potential for loss or failure |
| profit | is the money earned from conducting business after all costs and expenses have been paid |
| supply | is the amount of goods producers are willing to make and sell |
| demand | consumer willingness and ability to buy products |
| domestic business | a business that sells its products only in its own country |
| global business | sells its products in more than one country |
| for-profit business | a business seeks to make a profit from its operations |
| nonprofit organization | functions like a business but uses the money it makes to fund the cause identified in its charter |
| public sector | local, state, and federal government agencies and services |
| private sector | businesses not associated with the government agencies |
| 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 |
| derived demand | in the industrial market is based on the demand for consumer goods and services |
| wholesalers | obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers |
| retailers | buy goods from wholesalers or directly from manufacturers and resell them to the consumer |
| production | the process of creating, expanding, manufacturing, or improving on goods and services |
| management | the process of achieving company goals by effective use of resources through planning, organizing, and controlling |
| finance | the function of business that involves money management |
| accounting | the discipline that keeps track of a company's financial situation |
Combine with other sets
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