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28 Cards in this Set
- Front
- Back
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The Basis of the free enterprise |
To own property, compete, and to make a profit |
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A free enterprise system encourages individuals to |
start and operate their own business |
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Prices are determined through |
Supply and Demand |
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Our system is modified because the |
government does intervene on a limited bases |
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Personal property includes |
cars, computer, and homes as well as land |
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What can an individual do with his personal property? |
Give it away, sell, or lease it. |
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Individuals who start and run their own business |
entrepreneurs |
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When you get a __on an invention, you alone own the rights to that item or idea. |
patent |
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A ____ is a word, name, symbol or color that identifies a good or service that cant be used by anyone else. |
trademark |
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A _____ is anything authorized by an individual. |
copyright |
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A ___ is information that a company keeps and protects for its use only. |
trade secret |
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A licensing agreement protects |
the originator's name and products |
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Competition is the struggle |
between companies and customers. |
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Price competition focuses on the |
consumers go to lowest prices |
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In nonprice competition, businesses choose to |
competition based on qualities and features rather than prices. |
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Monopolies are ___ permitted in free enterprises. |
not |
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______ is the potential for loss or failure. |
Business risk |
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Up to ____ of new products fail in the first year |
85% |
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Profit is the money |
left over after paying expenses |
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____ is the motivation for taking the risk of starting a business |
Profit |
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In a market-oriented economy, ____ and ___ determines the ____ of goods and services |
supply, demand, prices and quality. |
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Supply is |
the amount of goods |
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Demand is |
the amount of consumers willing to buy. |
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When demand is higher than supply, ___ occurs.
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shortage |
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When the supply and demand equal, ___ exists. |
equilibrium |
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What is the name of the copyright law? |
The Copyright Act of 1976 |
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What is fair use? |
Using copied works for criticism, teaching, or news. |
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What is public domain? |
When the copyright expires, it is in the public domain. |
