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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 |