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Question

Think of an example of each of these vocabulary terms in everyday life.

Content Vocabulary:

  • Private enterprise
  • Patent
  • Trademark
  • Copyright
  • Competition
  • Price competition
  • Nonprice competition
  • Monopoly
  • Business risk
  • Profit
  • Supply
  • Demand
  • Domestic business
  • Global business
  • For-profit business
  • Nonprofit organization
  • Public sector
  • Private sector
  • Industry
  • Derived demand
  • Wholesalers
  • Retailers
  • Production
  • Management
  • Finance
  • Accounting

Academic Vocabulary:

  • Purchase
  • Interact
  • Trend
  • Generate

Solution

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Content Vocabulary\textbf{Content Vocabulary}

Private enterprise -businesses owned by ordinary civilians, not the government.

Patent - the right to sole ownership of an idea or particular intellectual property.

Trademark - an icon, name or symbol that is used to identify a company or organization.

Copyright - the ownership of intellectual property that has been authored by an individual such as books, movies or music.

Competition - the process by which companies try to convince customers to purchase their products over competitors.

Price competition - a means by which businesses attempt to attract customers by offering lower prices than competitors for the same quality of goods.

Nonprice competition - factors other than price that business may use to make themselves more appealing to customers.

Monopoly - exclusive control over a product by one company.

Business risk - the potential for a business to lose money or fail.

Profit - money earned from revenues after the cost of expenses have been paid.

Supply - the quantity of goods producers are willing to create.

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