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10 Cards in this Set
- Front
- Back
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Freedom of Ownership
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the ability to choose a house, car, job or business
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Competition
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a rivarly between two or more business to gain as much of the total market sales or customer acceptance as possible.
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Direct Competition
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two or more companies that utilize the same type of business format.
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Indirect competion
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two or more companies that employ different types of business formats to sell similar goods.
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price competition
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focuses on the selling price of a product
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Non-price competition
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based on factors that are not related price.
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free enterprise
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encourages individuals to start and operate their own business with limited government involvement
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Monopolies
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when one company has exclusive control over a product or the means of producing it.
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risk
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the potential for less or failure
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profit
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the money earned from conducting business after all costs and expenses have been paid.
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