free enterprise marketing i. basic principles workers have the freedom to organize into a labor...
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Defintion A free enterprise system encourages individuals to start and operate their own businesses without government involvement. The United States still has government involvement, but it is mainly a free enterprise system.TRANSCRIPT
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Free EnterpriseMarketing I
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Basic Principles
Workers have the freedom to organize into a labor union while consumers have the freedom to purchase goods and services and to invest their money in banks or businesses.
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Defintion
A free enterprise system encourages individuals to start and operate their own businesses without government involvement.
The United States still has government involvement, but it is mainly a free enterprise system.
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Quickly
How is government involved in businesses?
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Intellectual property
• Patents • Trademarks• Copyrights
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Similarities &Differences
PatentTrademark
Copyright
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Similarities&Differences
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Competition
The struggle for customers is called competition. It forces businesses to produce better quality goods and services at reasonable prices.
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Types of Competition
Price competition focuses on the sale of a product.
Nonprice competition has businesses competing in areas other than prices, such as:
• Quality of the products and reputation• Service and financing
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Monopoly
A monopoly is exclusive control over a product or the means of producing it. Monopolies are not permitted in a free enterprise system because they prevent competition.
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Monopoly
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Monopolies
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Supply and Demand
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Surplus and Shortage
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Profit
Profit is the money earned from conducting business after all costs and expenses have been paid.
Profits help the economy because they encourage: • Competition and product development• Production efficiency
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Domestic Business
A business that sells its products only in its own country is considered a domestic business. Its opportunities for growth are limited to customers within that country.
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International Business
A global business sells its products in more than one country. The Internet, along with faster transportation and financial transfers, makes it easier to do business globally.