| A | B |
|---|
| Nonprice competition | A type of rivalry between or among businesses that involves factors other than price. |
| Oligopoly | A market structure in which there are relatively few sellers |
| Operating expenses | All of the expenses involved in running a business. |
| Perfect competition | A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition. |
| Price competition | A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars. |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (income - expense = profit). |
| Pure risks | Chances of loss that carry with them the possibility of loss or no loss. |
| Reduction | A risk-response strategy that involves trying to reduce the chance of loss or severity of loss. |
| Regulated monopolies | Monopolies that the government allows to exist legally under controlled conditions. |
| Retention | A risk-response strategy that involves assuming responsibility for the risk rather than transferring it. |
| Speculative risks | Chances of loss that may result in loss |
| Transfer | A risk-response strategy that involves moving the impact of a risk to someone or something else. |
