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Chapter 16--How Government Affects Business

From this chapter, you should be able to:
(1) Name four kinds of laws that affect business
(2) Discuss how government regulates business
(3) Discuss how government regulation protects the public and how it affects business

AB
Interstate CommerceBusiness Activities that affect people or businesses in two or more states
antitrust lawsfederal laws passed to prevent monopolies
deregulationremoving of regulations from business activities
administrative lawrules and procedures established by regulatory agencies
copyrightprotection of creative efforts for the life of the person plus 50 years
tax abatementspecial limited tax break for a business
statutelaw passed by a legislature
Uniform Commercial Codeset of laws regulatingh business activities throughout the country
common lawsource of law based on legal decisions and people's customs
constitutionbasic law of an entire nation or single state
patentlegal right to exclusively use an invention for 17 years
depreciationloss of value of an asset
registered trademarkname, brand, or symbol used by a business and listed with the government
ordinancelaw passed by a city or township

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