| A | B |
|---|
| private enterprise | Business ownership by ordinary people, not the government. |
| patent | Owning the rights to an invention. |
| trademark | A word, name, symbol, sound or color that identifies a good or service. |
| copyright | The exclusive rights involving anything that is authored by an individual. |
| competition | The struggle between 2 or more companies for customers. |
| price competition | This focuses on the sale price of a product. |
| non-price competition | Competing on basis of service, financing offers, location, and reputation. |
| supply | Amount of goods producers are willing to make and sell. |
| demand | The customers willingness and ability to buy products. |
| surplus | Occurs when supply exceeds demand. |
| shortage | Occurs when demand exceeds supply. |
| equilibrium | Time when most producers and consumers are satisfied. |
