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Intro to Business - Chapter 3 Vocab

AB
designed to promote competition and fairness and to prevent monopoliesantitrust laws
rules about how businesses and their employees ought to behavebusiness ethics
a statement of values and rules that guides the behavior of employees or members of an organizatoincode of ethics
an agreement to exchange goods or services for something of valuecontract
protection of the work of authors, composers, and artistscopyright
principles of morality or rules of conductethics
business dealings involving companies in more than one stateinterstate commerce
business dealings involving companies in only one stateintrastate commerce
a business that has complete control of the market for a product or servicemonopoly
a natural resource, such as gas, coal, copper, or iron ore, that cannot be replaced once it is used upnon-renewable resource
the exclusive right given to a person or business to make, use, or sell an invention for a period of 17 yearspatent
occurs when the environment is tainted with the by-products of human actionspollution
a business that supplies a service or product vital to all people; the price charged for the service (or product) is determined by government regulation rather than the peoplepublic utility
government incomerevenue
the obligation of a business to contribute to the well-being of a communitysocial responsibility
a word, letter, or symbol associated with a specific product or companytrademark

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