| A | B |
|---|
| monopoly | situation created when only one company provides a product or service without competition from other companies. |
| natural monopoly | type of monopoly that usually involves providing public services, such as public utilities, which have a fairly stable demand and are costly to create. |
| price discrimination | setting different prices for different customers. |
| false advertising | advertising that is misleading in some way, 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. |
| patent | an agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention. |
| copyright | sole right given to an author by the federal government to reproduce, publish and sell literary or artistic work for the life of the author plus 70 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. |
| identity theft | the unauthorized use of someone's personally identifying information, such as name, Social Security number, to commit fraud or other crimes. In addition to the impact on victims, identity theft creates problems for businesses. |
| information liabilitiy | responsibility for physical or economic injury arising from incorrect data or wrongful use of data. |
| cookies | files of information about a user that some websites create and store on the user's own computer. |
| interstate cmomerce | business operations and transactions that cross over state lines. |
| intrastate commerce | business transacted within a state. |
| licensing | a way to limit and control those who plan to enter certain types of businesses. |
| public franchise | a contract that permits a person organization to use public property for private profit. |
| building codes | codes that control physical features of structures. |
| zoning | regulations that specify which land areas may be used for homes and which areas may be used for different types of businesses. |
| proportional tax (flat tax) | tax rate that remains the same regardless of teh amount on which the tax is imposed. |
| progressive tax | tax based on the ability to pay. |
| regressive tax | taxation wherein the actual 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 | sales tax that applies only to selected goods and services, such as gasoline. |
| property tax | tax on material goods owned. |
| real property tax | tax real estate, which is land and buildings. |
| personal property tax | tax on possessions that are movable, such as furniture, machinery, and equipment. |
| assessed valuation | the value of property determined by tax officials. |
