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Intellectual Property Rights
Competition
Supply and Demand
Business Classifications
Miscellaneous
100
protection for an invention, where you alone own the rights to that item or idea
What is a patent
100
the type of competition that focuses on the price of a product
What is price competition
100
amount of goods producers are willing to make and sell.
What is supply
100
a business associated with a government agency
What is a public business
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
200
protection for a word, name, symbol, sound, or color that identifies a good or service so that it cannot be used by anyone but the owner.
What is a trademark
200
competition based on factors not related to price, such as quality of the products, service, financing, business location, and reputation.
What is nonprice competition
200
refers to consumer willingness and ability to buy products
What is demand
200
a business that employs more than 1,000 people
What is a large business
200
The process of creating, expanding, manufacturing, or improving on goods and services
What is production
300
protection of anything authored by an individual, such as writings (books, magazine articles, etc.), music, and artwork.
What is a copyright
300
exclusive control over a product or the means of producing it
What is a monopoly
300
occurs when supply exceeds demand
What is a surplus
300
a business that sells its products only in its own country
What is a domestic business
300
the process of achieving company goals through planning, organizing, and controlling
What is management
400
protects information that a company keeps and protects for its use only, such as a recipe or formula
What is a trade secret
400
Wal-Mart’s “Always Low Prices. Always.” slogan is an example of this type of competition
What is price competition
400
occurs when demand exceeds supply
What is a shortage
400
a business that sells its products in more than one country
What is a global business
400
the function of business that involves money management
What is finance
500
the number of years that a patent will protect someone's intellectual property
What is 20
500
2 ways that consumers benefit from competition
What are quality goods and lower prices
500
occurs when the amount of a product being supplied is equal to the amount being demanded
What is equilibrium
500
functions like a business but uses the money it makes to fund the cause identified in its charter
What is a nonprofit organization
500
a company's potential for loss or failure
What is business risk