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Unit Three

Business and Society

QuestionAnswer
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