| A | B |
|---|
| price discrimination | setting different prices for different customers |
| monopoly | when competition is lacking for a product or service, or when producers are in position to control the supply and price of goods or services |
| false advertising | advertising that is “misleading in a material respect,” including the failure to reveal facts about possible results from using the advertised products |
| bankruptcy | a legal process that allows selling assets to pay off debts |
| information liability | the responsibility for physical or economic injury arising from incorrect data or wrongful use of data |
| patent | an agreement in which the federal government gives an inventor the sole right for 17 years to make use, and sell an invention |
| copyright | when the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author plus 50 years |
| trademark | a distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner |
| interstate commerce | business operations and transactions that cross over state lines, such as products that are produced in one state and sold in other states |
| licensing | used to limit and control those who plan to enter certain types of businesses |
| public franchise | a contract that permits a person or organization to use public property for private profit |
| building codes | regulates physical features of structures |
| intrastate commerce | business transacted within a state |
| zoning | regulations that specify which land areas may be used for different types of business |
| proportional tax | when the tax rate remains the same regardless of the amount on which the tax is imposed |
| progressive tax | a tax based on the ability to pay, as income increases, the tax rate increases |
| personal property tax | a tax on items such as furniture, machinery, and equipment |
| sales tax | a tax levied on the retail price of goods and services at the time they are sold |
| property tax | a tax levied on material goods owned |
| assessed valuation | the value of property determined by tax officials |
| real property tax | a tax levied on land and buildings |
| excise tax | when a sales tax applies only to selected goods or services, such as gasoline |
| income tax | a tax levied against the profits of business firms and against earnings of individuals |
