1) The basis of the _____________________ is the freedom to own personal property, to compete, to take risks, and to make a profit. a) patent b) free enterprise system c) copyright d) competition 2) If you get a ____________ on an invention, you alone own the rights to that item or idea. a) trademark b) competition c) copyright d) patent 3) A _____________ is usually valid for the life of the author plus 70 years. a) copyright b) trademark c) competition d) patent 4) in the U.S. patent and _____________ Office. a) patent b) competition c) Trademark d) copyright 5) This struggle for customers is called _______________. a) copyright b) competition c) trademark d) patent 6) ___________________ focuses on the sale price of a product. a) nonprice competition b) patent c) competition d) price competition 7) In _________________________, businesses choose to compete on the basis of factors that are not related to price. a) nonprice competition b) patent c) price competition d) competition 8) __________ is the motivation for taking the risk of starting a business. a) monopoly b) Business risk c) profit d) patent 9) A _________________ is exclusive control over a product or the means of producing it. a) profit b) competition c) Business risk d) monopoly 10) ______________ is the potential for loss or failure. a) profit b) Business risk c) competition d) monopoly 11) And as the price falls, ___________ for the good increases. a) Supply b) profit c) Demand d) monopoly 12) __________ is the amount of goods producers are willing to make and sell. a) Supply b) Demand c) profit d) monopoly

Market-Oriented Economic Systems

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