| A | B |
|---|
| A state of _____ exists when the number of products supplied equals the amount of product demanded. | EQUILIBRIUM |
| If you have a(n) _____ you alone own the rights to the item or idea. | PATENT |
| The United States is considered a(n) _____ free enterprise system because of government involvement in its economy. | MODIFIED |
| A(n) _____ involves anything that is authored by an individual | COPYRIGHT |
| . Because they prevent competition, _____ are prohibited in a free enterprise system. | MONOPLIES |
| The single largest U.S. consumer of goods and services is _____ | GOVERNMENT |
| The process for creating, expanding, manufacturing, or improving on goods and services is called _____ | PRODUCTION |
| _____ obtain goods from manufacturers and resell them to industrial users. | WHOLESALERS |
| A(n) _____ is a word, name, symbol, sound, or color that identifies a good or service and cannot be used by anyone but the owner. | TRADEMARK |
| It would be a big _____ to spend more money on a new advertising campaign than the campaign would generate. | BUSINESS RISK |
| A(n)_____ _____ _____ encourages people to start and operate their own businesses, without government involvement. | FREE ENTERPRISE SYSTEM |
| In the U.S., if we have enough money, we have the ability to buy whatever items are legally available. This ability is a basic free enterprise principle called freedom of _____ | OWNERSHIP |
| According to the U.S. Department of Labor, a(n) _____ consists of a group of establishment engaged in producing or handling the same product. | INDUSTRY |
| The Sleepytime Mattress Company advertises that it is “never undersold.” The company is engaging in _____ competition. | PRICE |
| _____ is the process of achieving company goals by effective use of resources through planning, organizing, and controlling. | MANAGEMENT |
| _____ and _____ interact to determine the price customers are willing to pay for the number of products producers are willing to make. | SUPPLY DEMAND |
| Demand for customer goods and their respective consumer trends | create derived demand in the industrial market |
| Which of the following are economic benefits of businesses? | profitable companies attract competition. |
| When evaluating the production function during a SWOT analysis, you would look for | innovation. |
| What are four main functions of an organization’s operation? | production, marketing, management, and finance |
| Intellectual property rights for inventions are known as | patents |
| A business that uses the money it makes to fund a cause is called a | nonprofit business |
| What is the term for the struggle between companies for customers? | competition |
| What is the term used for a business that sells its products in more than one country? | global business |
| Businesses that are not associated with government agencies are part of what sector? | private |
| In business, when does the potential for profit increase? | as the risk increases |
| What is the group that decides whether or not a business will survive? | the consumers |
| Amount of goods producers are willing to make and sell | supply |
| Focuses on the sale price of a product | price competition |
| Sole control over a product or the means of producing it | monopoly |
| Consumers’ willingness and ability to buy a product | demand |
| Struggle for customers based on quality of products and service | nonprice competition |
| When supply exceeds demand | surplus |
| One to five percent of a business’s sales | profit |
| The struggle for customers | competition |
| When demand exceeds supply | shortages |
| Potential for loss or failure | risk |
| What are some ways to protect intellectual property? | PATENTS, TRADEMARKS, COPYRIGHTS |
| Explain why competition is an essential part of a free enterprise system. | COMPETITION FORCES BUSINESSES TO PRODUCE BETTER-QUALITY GOODS AND SERVICES AT PRICES THAT CONSUMERS CAN PAY. |
| What is the difference between a domestic and global business? | DOMESTIC BUSINESS SELLS ITS PRODUCTS ONLY IN ITS OWN COUNTRY. GLOBAL BUSINESS SELLS ITS PRODUCTS IN MORE THAN ONE COUNTRY. |
| What are the five “rights” of merchandising? | THE RIGHT GOODS, AT THE RIGHT TIME, IN THE RIGHT PLACE, AT THE RIGHT PRICE, AND IN THE RIGHT AMOUNT. |
