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Ch5: Marketing
Chapter 5: The Free Enterprise System
| Question | Answer |
|---|---|
| a system that encourages individuals to start and operate their own businesses in a competitive system, without government involvment. | free enterprise system |
| a government-issued exclusive right to make, use, or sell an invention for up to 20 yeras. | patent |
| a brand name, brand mark, trade name,trade character, or combintion of these elements that is given legal protection by the federal government. | trademark |
| the exclusive right to reproduce or sell a work authored by an individual, such as writings, music and artwork. | copyright |
| the struggle to attract customers, keep existing ones, and take away customers from other companies | competition |
| the sale price of a product | price competition |
| competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation. | nonprice competition |
| exclusive control over a product or the means of producing it | monopoly |
| is the potential for loss or failure | business risk |
| is the money earned from conducting business after all costs and expenses have been paid | profit |
| is the amount of goods producers are willing to make and sell | supply |
| consumer willingness and ability to buy produc | demand |
| a business that sells its products only in its own country | domestic business |
| sells its products in more than one country | global business |
| a business seeks to make a profit from its operations | for-profit business |
| functions like a business but uses the money it makes to fund the cause identified in its charter | nonprofit organization |
| local, state, and federal government agencies and services | public sector |
| businesses not associated with the government agencies | private sector |
| 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 | industry |
| in the industrial market is based on the demand for consumer goods and services | derived demand |
| obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers | wholesalers |
| buy goods from wholesalers or directly from manufacturers and resell them to the consumer | retailers |
| the process of creating, expanding, manufacturing, or improving on goods and services | production |
| the process of achieving company goals by effective use of resources through planning, organizing, and controlling | management |
| the function of business that involves money management | finance |
| the discipline that keeps track of a company's financial situation | accounting |
Created by:
kweenbee30
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