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Unit Three
Business and Society
| Question | Answer |
|---|---|
| Free Enterprise System | encourages individuals to start and operate their own businesses in a competitive system, without government involvement |
| Patent | a government-issued exclusive right to make, use, or sell an invention for up to 20 years |
| Trademark | a work, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner |
| Copyright | anything that is authored by an individual, such as writings (books, magazine articles, etc.), music, and artwork |
| Competition | struggle for customers |
| Price Competition | focuses on the sale of price of a product |
| Nonprice Competition | businesses choose to compete on the basis of factors that are not related to price |
| Monopoly | exclusive control over a product of the means of producing it |
| Business Risk | the potential for loss or failure |
| Profit | the money earned from conducting business after all costs and expenses have been paid |
| Supply | the amount of goods producers are willing to make and sell |
| Demand | refers to consumer willingness and ability to buy products |
| Domestic Business | a business that sells its products only in its own country is considered |
| Global Business | sells its products in more than one country |
| For-Profit 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 | government-financed agencies |
| Private Sector | businesses not associated with government agencies |
| Industry | according to the U.S. Department of Labor- 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 |
| 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 or 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 |
| Food and Drug Administration (FDA) | regulates the labeling and safety of food, drugs, and cosmetics sold in the United States |
| Consumer Product Safety Commission (CPSC) | responsible for overseeing the safety of products such as toys, electronics, and households furniture |
| Equal Employment Opportunity Commission (EEOC) | responsible for the fair and equitable treatment of employees with regard to hiring, firing, and promotions |
| Securities and Exchange Commission (SEC) | regulates the sale of securities (stocks and bonds) |
| Environmental Protection Agency (EPA) | established in 1970 to protect human health and our environment |
| Federal Trade Commission (FTC) | the responsibility of enforcing the principles of a free enterprise system and protecting consumers from unfair or deceptive business practices |
| Flextime | allows workers to choose their work hours |
| Telecommuting | involves working at home, usually on a computer |
| Ad Council | a nonprofit organization that helps produce public service advertising campaigns for government agencies and other qualifying groups |
| Green Marketing | companies that make an effort to produce and promote environmentally safe products |
| Ethics | guidelines for good behavior |
| Better Business Bureau (BBB) | one of the oldest nonprofit organizations to set up self-regulation among businesses |
| Price Gouging | pricing products unreasonably high when the need is great or when consumers do not have other choices |
| Whistle Blowing | reporting an illegal action of one's employer |
Created by:
brenda.woodings
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