| A | B |
|---|
| competition | the rivalry among companies for customers' dollars |
| monopoly | when only one company provides a product or service without competition from other companies |
| natural monopoly | a place in the economy where it may be easier or more convenient for one company to have a monopoly versus constant competition |
| price discrimination | identical or largely similar goods or services are transacted at different prices by the same provider in different markets |
| false advertising | advertising that is misleading in some important way |
| Federal Trade Commission (FTC) | created as a result of many businesses demanding protection from unfair methods of competition |
| Federal Aviation Administration | safety standards, airplane accidents, and take offs and landings |
| Federal Communications Commission | radio, television, telephone, telegraph, cable, and satellite communications |
| Food and Drugs Administration | foods, drugs, medical devices, and veterinary products |
| Nuclear Regulatory Commision | nuclear power plants |
| Securities and Exchange Commission | stocks and bonds |
| bankruptcy | legal process that allows the selling of assets to pay off debts |
| patent | an agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention or a process |
| copyright | federal government gives an author the sole right to reproduce, publish, and sell literary or artistic for the life of the author |
| trademarks | a distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner |
| Consumer Product Safety Act | sets safety standards on many items |
| identity theft | when someone tries to be another person, because the identity being stolen misused their personal information |
| information liability | the responsibility for physical or economic injury arising from incorrect data or wrongful use of data |
| product liability | if a defective product injures someone, the injured party can sue the producer of the product |
| cookies | files of information about the user that some Web sites create and store on the user's own computer |
| interstate commerce | business operations and transactions that cross state lines |
| intrastate commerce | business transacted within a state |
| licensing | way to limit and control those who plan to enter certain types of businesses |
| public franchise | contract that permits a person or organisation to use public property for private profit |
| building codes | control the physical features of structures |
| zoning regulations | specify which land areas may be used for homes, and which areas may be used for different types of businesses |
| proportional tax | or flat tax, a tax in which 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 |
| regressive tax | the tax rate decreases as the taxable amount increases |
| income tax | tax on the profits of businesses and the earnings of individuals |
| sales tax | tax levied on the retail price of goods and services at the time they are sold |
| excise tax | tax only applied to selected goods |
| property tax | tax on material goods owned |
| real property tax | tax on real estate (lands and buildings) |
| personal property tax | tax on possessions that are movable |
| assessed valuation | the value of property determined by tax officials |
