Chapter 5.1 Free Enterprise System
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Created by:
Oregon_Ducks on May 21, 2012
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17 terms
Terms | Definitions |
|---|---|
 Supply/Demand | Supply: Amt. of good producers are willing to make and sell. Demand: Refers to consumer willingness and ability to buy products. |
| Law of Demand | Price & Demand move in opposite directions. |
| Surplus | Supply exceeds demand. |
| Shortage | Demand exceeds supply. |
| Equilibrium | Supply equals demand. |
| Patent | Exclusive rights to make and sell exclusively for 20 years. |
| Copyright | Involves anything authored by an individual and gives an author by the individual. |
| Trademark | Word, name, sound, or symbol useed to identify a company. |
| Monopoly | Exclusive control over a product or the means of producing it. |
| Price Competition | Terms of having lower prices then another business. |
| Non-price Competition | Everything not including price in your brand. |
| Business Risk | Potential loss or failure for a business. |
| Profit | Money earned after costs & expenses have been paid. |
| BBB | Better Business Bureau |
| AMA Code | Honesty & Fairness Rights and Duties of Marketing Organized Relationships |
| Price Gouging | Price is unreasonable when consumers have no other choice. |
| Whistle Blowing | Involves reporting illegal action by ones employer. |
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