| A | B |
|---|
| Competition | Main principle of private enterprise system |
| Direct Competition | KFC and Churches Fried Chicken are examples of |
| Indirect Competitors | Skating Rink and Fast Food Restaturant |
| With direct competitors | Most business put their greatest cometitive efforts into competing |
| Price | What businesses charge for their products is an example of what kind of competition |
| Offering rebates | When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in |
| Nonprice competition | High quality, large assortments, and free shipping are examples of |
| Price and nonprice | Business that advertises a special sale as well as its delivery service is using a combination of this |
| Benchmark | Perfect competition used for this in reality because they don't really exist |
| monopolistic competition | Type of market structure is most commonly found in a private enterprise economy |
| Oligopolies | Automobile inudstry, the pharmaceutical industry, and the oil industry are all examples of |
| monopolies | Have high prices and low production |
| Regulated monopoly | What exists when a market is legally controlled by one supplier, and there are no substitute goods/ services readily available |
| Sherman Antitrust Act | Prevents monopolies from forming and hinders price fixing |
| New companies | One way that competition benefits business is by encouraging the creation of |
| Profit | Motivations for business to produce efficiently and sell effectively |
| Improve products | One of the ways that competition benefits customers is by encouraging businesses to |
| Wider product selection | Direct benefit to consumers of the effect of competition |
| Standard of living | Because of competition, people in our society enjoy a higher this |
| Creating new jobs | One way that cometition helps build a prosperous society is by |
