Free Enterprise System - Encourages individuals to start and operate their own businesses in a competitive system, without government involvement, Patent - You alone own the rights to an invention or idea, Trademark - A word, name, symbol, or color that identifies a good or service that cannot be used by anyone but the owner, Copyright - Involves anything that is authored by an individual, such as writings (books, magazine articles, etc), Competition - A struggle for customers, Price Competition - Focuses on the sale price of a product , Nonprice Competition - Businesses choose to compete on the basis of factors that are not related to price, Monopoly - Exclusive control over a product or the means of producing it , Business Risk - The potential for loss or failure, Profit - The money earned from conducting business after all costs and expenses have been paid, Supply - The amount of goods producers are willing to make and sell, Demand - Refers to consumer willingness and ability to buy products,

Market-Oriented Economic Systems

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