| A | B |
|---|
| monopoly | Exists when only one company provides a product or service without competition from other companies |
| Competitive pricing | causes less efficient companies to struggle for survival |
| Sherman Antitrust Act | prevents competitors from agreeing to set the same selling prices on goods |
| copyrights | gives an inventor a monopoly on newly created products for the life of the inventor usually 70+ years |
| 10 years | Records of unpaid debts of a bankrupt firm stay on file for |
| in countries other than the US | Stealing patents is an acceptable practice |
| It is legal to publish copyrighted works if and only if | you have permission |
| trade characters, names, symbols can all be an example of | trademarks |
| require businessesto recall, repair, or stop selling defective products | government agencies |
| When a customer is refused a loan because a store gave an incorrect credit balance to the bank, the bank and the store are both liable for | incorrect information |
| any unauthorized person accessing a computer system and viewing, using, or changing data | illegal |
| are files created by some websites that track customers on the Internet to identify their marketing preferences | cookies |
| , those with lower incomes pay more dollars than those with higher incomes | regressive |
| tax rate remains the same regardless of the amount on which the tax is imposed | proportional tax |
| tax based on ability to pay | progressive tax |
| this tax says as income increases the tax rate increases | progressive tax |
| where taxes are higher | foreign countires |
| act forbids a business to require buyers to purchase other goods in order to get the product they want from that business | Clayton Act |
| outlaws unfair practices, such as false advertising | Wheeler-Lea Act |
| selling the same product to customers for different prices is unlawful due to what act | Robinson-Patman Act |
| practice that allows a business to sell its assets to pay its debts | bankruptcy |
| The law excuses the business from paying all the remaining unpaid debts as long as they | file for bankruptcy |
| Japan’s patents protect | inventors/ technology sharing promotion |
| these are considered temporary monopolies | patents |
| For the life of the author PLUS 70 years | duration of copyright |
| trademark provides legal protection for | a business’s name or symbol |
| FDA regulates that food is properly | labled |
| Regulations that identify where specific types of businesses can be located | zoning regulations |
| % of profits corporations typically pay in various types of taxes | almost 50% |
| Because the sales tax applies to purchases rather than to income, the general sales tax is considered this type of tax | regressive |
| The income tax levied on businesses usually applies | net profits |
| sales tax applied to gasoline and cigarettes | excise tax |
| epuipment & company cars are what kind of tax | personal property tax |
| The largest source of revenue for the federal government | income taxes |
| Protects an inventor for 20 years | patent |
| A distinguishing name, symbol, or mark reserved for the sole use of the one owner | trademark |
| Electronic files of information about the user that some websites create and store on the user’s own computer | cookies |
| Applies to products made in one state and sold in other states | interstate commerce |
| Responsibility for injury arising from wrongful use of data | information liability |
| Selling to customers located in the same state | intrastate commerce |
| Permits a business to use public property for private profit | public franchise |
| Specifies which land areas may be used for homes or businesses | zoning |
