| A | B |
|---|
| Competition | a rivalry between two or more businesses to gain as much of the total market sales or customer acceptance as possible. |
| Direct competition | involves two or more companies that utilize the same type of business format. |
| Indirect competition | is between two or more retailers that employ different types of business formats to sell the same type of goods. |
| Price competition | focuses on the selling price of a product. |
| Non-price competition | is based on factors that are not related to price. Non-price competition includes the quality of products, customer services, business location, business reputation, and the qualifications of the salespeople. |
| Monopolies | exist when one company has exclusive control over a product or the means of producing it. |
| Profit | the money earned from conducting business after all costs and expenses have been paid. |
| Loss | a decrease in potential profit. |
