| A | B |
|---|
| People free choose how to spend their money | Free-Market System |
| Money left after all taxes and expenses have been paid | Profit |
| Rivalry between two or more business | Competition |
| No Single company is powerful enough to control prices | Pure Competition |
| Few large rivals that dominate the market/industry | Oligopoly |
| When one company controls the entire market/industry; no compeition | Monopoly |
| One owner of a business | Sole Proprietorship |
| Two or more owners of a business | Partnership |
| A business that is a seperate legal entity | Corporation |
| Three things that control people's choices | selection, quality and price |
