Marketing Ch 5 Free Enterprise

Shows that you own the rights to an invention or idea

When supply exceeds demand

A business that seeks to make a profit for its operation

Achieving company goals by good use of resources in planning, organizing and controlling

Money left after costs and expenses are paid

A word, name, symbol, sound, or color that identifies a product that can't be used by others

A company that sells in more than one country

When demand exceeds supply

The amount of goods a producer is willing to make and sell

Exclusive control over a product or the means of producing it

The amount consumers are willing and able to buy

Offering a discount, lowering the price, and having a special sale are examples of

Creating, expanding, manufacturing, or improving goods & services

The demand for industrial goods based on the demand for consumer goods & services

The potential for loss or failure

The department that keeps track of the company's financial situation

A nonprofit organization

Buy goods from manufacturers & wholesalers and sell to consumers

Shows ownership of anything authored by an individual (books, music, artwork)

The business function that involves managing the money

People who start and run their own business

Customers who purchase goods for personal use are in the

When the amount supplied equals the amount demanded by consumers

A business that sells only in their own country

Those who get goods from manufacturers and sell them to industrial users

Economic system in which one may own property, compete, take risks, & make profit