Vocab
Business ownership by ordinary people, not the government.
What is Private Enterprise?
Focuses on the sale price of a product when everything else is the same.
What is Price Competition?
Money earned from conducting business after all costs and expenses have been paid.
What is Profit?
Sourcing, obtaining, and paying for goods and services.
What is Procurement?
A business that seeks to make a profit from its operations.
What is For-Profit Business?
Protects anything that is authored by an individual such as writings, music, and artwork
What is a Copyright?
Meeting the customers needs with the same products.
What is Direct Competition?
When demand exceeds supply.
What is Shortage?
Creating, growing, manufacturing, or improving on goods and services.
What is Production?
Demand in the organizational market that is based on the demand for consumer goods and services.
What is Derived Demand?
A document granting an inventor sole rights to an item or an idea.
What is Patent?
Based on factors that include quality, reputation, financing, and location.
What is Nonprice Competition?
The amount of goods producers are willing to make and sell.
What is Supply?
What is Management?
Management task of scheduling employees, delegating responsibilities, and maintaining records.
What is Organizing?
A word, name, symbol, brand name, etc. that identifies a good or service and cannot be used by anyone but the owner because it has legal protection.
What is Trademark?
Meeting the customers needs with different products.
What is Indirect Competition?
When supply exceeds demand.
What is Surplus?
The discipline that keeps track of a company's financial situation.
What is Accounting?
Management task of establishing company objectives and strategies to meet those objectives.
What is Planning?
Exclusive control over a product or the means of producing it.
What is Monopoly?
The struggle between companies for customers.
What is competition?
Consumer willingness and ability to buy products.
What is Demand?
The function of business that involves money management.
What is Finance?
Management task of overseeing and analyzing operating budgets to suggest cost-effective measures.
What is Controlling?