Lesson 5.1 Market-Oriented Economy

Front

Encourages individuals to start and operate their own businesses in a competitive system without government involvement

Back

Free Enterprise System

Front

Documentation issued by the government that gives you the sole right to make, use, or sell an invention for up to 20 years

Back

Patent

Front

A word, name, symbol, sound, or color that identifies a good or service, and that cannot be used by anyone but the owner. It can be renewed forever if it's being used by a business

Back

Trademark

Front

Involves anything that is authored by an individual like writing music and artwork

Back

Copyright

Front

The struggle for customers

Back

Competition

Front

Focuses on the sale price of a product where customers will choose the product at the lower price

Back

Price Competition

Front

Businesses compete with features other than price like quality of the product, service, financing, business location, reputation, qualifications of workers, etc.

Back

Nonprice Competition

Front

When a company has control over a product or the means of making it; there is no competition and one organization owns a specific market

Back

Monopoly

Front

The potential for loss or failure

Back

Business Risk

Front

Money earned from a business running after all costs and expenses have been paid

Back

Profit