Chapter 5: The Free Enterprise System
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| a system that encourages individuals to start and operate their own businesses in a competitive system, without government involvment. | free enterprise system
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| a government-issued exclusive right to make, use, or sell an invention for up to 20 yeras. | patent
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| a brand name, brand mark, trade name,trade character, or combintion of these elements that is given legal protection by the federal government. | trademark
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| the exclusive right to reproduce or sell a work authored by an individual, such as writings, music and artwork. | copyright
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| the struggle to attract customers, keep existing ones, and take away customers from other companies | competition
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| the sale price of a product | price competition
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| competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation. | nonprice competition
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| exclusive control over a product or the means of producing it | monopoly
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| is the potential for loss or failure | business risk
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| is the money earned from conducting business after all costs and expenses have been paid | profit
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| is the amount of goods producers are willing to make and sell | supply
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| consumer willingness and ability to buy produc | demand
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| a business that sells its products only in its own country | domestic business
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| sells its products in more than one country | global business
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| a business seeks to make a profit from its operations | for-profit business
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| functions like a business but uses the money it makes to fund the cause identified in its charter | nonprofit organization
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| local, state, and federal government agencies and services | public sector
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| businesses not associated with the government agencies | private sector
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| 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
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| in the industrial market is based on the demand for consumer goods and services | derived demand
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| obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers | wholesalers
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| buy goods from wholesalers or directly from manufacturers and resell them to the consumer | retailers
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| the process of creating, expanding, manufacturing, or improving on goods and services | production
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| the process of achieving company goals by effective use of resources through planning, organizing, and controlling | management
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| the function of business that involves money management | finance
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| the discipline that keeps track of a company's financial situation | accounting
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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