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26 Cards in this Set
- Front
- Back
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Our nation's founders believed that individuals should have...
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freedom of choice
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Prices are determined through the interaction of..
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Supply and Demand
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Personal property includes...
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Cars, computers, homes, property
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A patent on an invention..
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Gives you alone, rights to that item or idea
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A patent is valid for...
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20 years
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A trademark...
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is a word, name or symbol or color that identifies a good or service that cannot be used by anyone else
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A copyright..
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is anything authored by an individual such as writings, books, magazine articles..
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A trade secret..
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is information that a company keeps and protects for its use only (it is not patented)
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A licensing agreement.....
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protects the originators name and products.
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Competition...
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is the struggle between businesses of customers
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Price competition...
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focuses on "the cheaper the better"
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non-competition...
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chooses to make better quality things
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A monopoly...
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is exclusive control over a product
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Monopolies are not...
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permitted in a free enterprise system because the prevent competition.
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A business risk..
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is a potential loss or failure
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up to ___ % of new products fail in the first year..
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(85%)
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Profit..
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is the money earned after all cost and expenses
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Ina market-oriented economy, what determines the prices and quantities of goods and services produced?
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Supply and demand
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Supply is...
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the amount of goods producers are willing to sell
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Demand is..
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the consumers willingness to buy the products
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Surplus of goods..
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when supply exceeds demand
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What happens when demands exceeds supply?
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a shortage of products occur
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What happens when the amount of the product being supplied is equal to the amount being demanded?
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Equilibrium
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What is the name of the copyright law?
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Copyright Act of 1976
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What is Fair Use?
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avoids seeking permission to copy a work
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What is public domain?
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it allows someone to copy or use your work
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