| A | B |
|---|
| monopoly | this exist when only one company provides a product or service without competition from other companies |
| natural monopoly | involves providing public services, such as public utilities, which have a fairly stable demand and which are costly to create |
| price discrimination | setting different prices for different customers |
| false advertising | advertising that is misleading in some important way, including the failure to reveal facts about possible results from using advertised products |
| intellectual property | consists of creations of the mind |
| 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 | similar to a patent in that the federal government gives an author the sole right to reproduce, publish, and sell literacy or artistic work for the life of the author, typically, 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 someones personally identifying information, such as name, Social Security number, or credit card number, to commit fraud or other crimes |
| information liability | the responsibility for physical or economic injury arising from incorrect data or wrongful use of data |
| cookies | files of information about the user that some websites create and store on the users own computer |
| interstate commerce | business operations and transactions that cross state lines, such as products that are produced in one state and sold in another state |
| intrastate commerce | business transacted within the state |
| licensing | a way to limit and control those who plan to start certain types of businesses |
| public franchise | a contract that permits a person or organization to use public property for private profit |
| building codes | control the physical features of structures used by local governments to regulate business |
| zoning | regulations that specify which land areas may be used for homes and which areas may be used for different types of businesses |
| proportional taxes | sometimes called flat tax; one in which the tax rate remains the same regardless of the amount on which tax is imposed |
| progressive taxes | a tax based on the ability to pay |
| regressive taxes | the actual tax rate decreases as the taxable amount increases |
| income tax | a tax on the profits of businesses and earnings of individuals |
| sales tax | a tax levied on the retail price of goods and services at the time they are sold |
| excise tax | when a sales tax only applies to selected goods and services, such as cigarettes and gasoline |
| property tax | a tax on material goods owned |
| real property tax | a tax on real estate, which is land and buildings |
| personal property tax | a tax on posessions that are movable, such as furniture, machinery, and equipment |
| assessed valuation | the value of property determined by tax officials |
