| A | B |
|---|
| Patent | A document granting an inventor sole rights to an item or idea for up to 20 yrs **make, use and sell** |
| Trademark | A word, name, symbol, sound or color that identifies a good or service; **can be renewed forever** |
| Copyright | Involves anything that is authored by an individual, such as writings (books, magazines articles, etc) music & artwork **life of author plus 70 yrs** |
| Competition | Forces businesses to product better quality products/services at reasonable prices |
| Price Competition | Focuses on the sale price of a product |
| Nonprice Competition | Businesses choose to compete on the basis of factors that are not related to price **quality, service, reputation, etc.** |
| Business Risk | The potential for loss or failure |
| Monopoly | Exclusive control over a product or the means of producing it |
| Private Enterprise | Business ownership by ordinary people, not the government |
| Profit | The money earned from conducting business after all costs and expenses have been paid |
| Supply | The amount of goods producers are willing to make and sell |
| Demand | Consumer willingness and ability to buy products |
