5.1 Vocab
5.2 Vocab
Market-Oriented Economic Systems
Business Opportunities
Misc.
100
Encourages individuals to start and operate their own businesses in a competitive system, without government involvement.
What is Free Enterprise System
100
A business that sells its products only in its own country
What is Domestic Business
100
The money earned from conducting business after all costs and expenses have been paid
What is Profit
100
A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services
What is an Industry
100
The four basic types of business organizations
What is Non-profit, for-profit, public enterprise, private enterprise
200
Exclusive control over a product or the means of producing it
What is a Monopoly
200
A business that sells its products to more than one country
What is Global Business
200
Includes; trademarks, patents, copyrights, and trade secrets
What is Intellectual Property Rights
200
The process of creating, expanding, manufacturing, or improving on goods and services
What is Production
200
Consumers willingness and ability to buy products
What is Demand
300
A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner
What is a Trademark
300
Local, state, and federal agencies and services, such as public libraries and state universities
What is Public sector
300
Occurrence of supply exceeding its demand.
What is Surplus
300
Someone who buys goods from wholesalers or directly from manufacturers and resell them to the consumer
What is Retailers
300
An example of how freedom of ownership may be limited by government.
What is Environmental protection or zoning laws
400
A government-issued exclusive right to make, use, or sell an invention for up to 20 years.
What is a Patent
400
the demand for industrial goods based on the demand for consumer goods and services
What is Derived Demand
400
Obtaining goods from manufacturers and resell them to industrial users.
What is Wholesalers
400
Example of derived demand
What is Electric Cars
500
The potential for loss or failure
What is Business risk
500
Businesses not associated with the government
What is Private sector
500
When the amount of a product being supplied is equal to the amount being demanded
What is Equilibrium
500
Involvement of buying and reselling goods that have already been produced
What is Procurement
500
The amount of goods producers are willing to make and sell
What is Supply
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