| A | B |
|---|
| Sherman Anti-Trust Act | Prevents monopolies from forming |
| Clayton Act | Prevents actions that restrict competition |
| Federal Trade Commission | Monitors business activities to prevent unfair competition |
| Direct Competition | 2 businesses that offer similar products |
| Indirect Competition | 2 businesses that offer disimilar products |
| Price Competition | Using price to attract customers |
| Nonprice Competition | Using things other than price to attract customers |
| Monopoly | The opposite of competition |
| Free Enterprise | Encourages individuals to start and operate their own businesses without government involvement |
| Competition | Struggle between companies for customers |
| Profit | Money earned from conducting business after all costs and expenses have been paid |
| Risk | Potential for loss or failure |
| Land, Labor, Capital, Entrpeneurship | Factors of production |
| Role of Government | Provider, Supporter, Regulator, Competitor |
| Free Enterprise Characteristics | Freedom to Own, Competition, Risk, Profit |
