| A | B |
|---|
| antitrust laws | laws designed to promote competition and fairness and to prevent monopolies |
| business ethics | rules about how businesses and their employees ought to behave |
| code of conduct | a statement of values and rules that guides the behavior of employees or members of an organization |
| contract | an agreement to exchange goods or services for something of value |
| copywright | protection of the work of authors, composers, and artists |
| ethics | principles of morality or rules of conduce |
| monopoly | a business that has control of the market for a product or service |
| non-renewable resources | a natural resources, such as gas, coal, copper or iron ore, that cannot be replaced once it is used up |
| patent | the exclusive right given to a person to make, use, or sell and invention for a period of 20 years |
| public utility | a business that supplies a service or product vital to all people. the price charged for the serviced is determined by government regulation rather than by competition |
| social responsibility | the obligation of a business to contribute to the well-being of a cummunity |
| trademark | a word, letter or symbol associated with a specific product or company |
| FTC | regulates competition, advertising, commerce and credit |
| FDA | protects consumers from impure and unsafe food, drugs, cosmetics and health aids |
| USDA | protects and maintains standards of quality in the daily food supply of the nation |
| CPSC | promotes safety in the marketplace |
| NHSTA | Deals with safety problems in cars and other motor vehicles |
| agreement | an offer must be made and an acceptance must occur |
| competent parties | those entering into the contract must be of legal age and of sound mind (mentally competent) |
| consideration | something of measurable value must be exchanged by the parties involved |
| legality | the contract must be for a product or service that may be legally sold. |
| Federal Government Revenue | comes from income taxes |
| State Government Revenue | comes from sales tax |
| Local Government Revenue | comes from property taxes |
| revenue | money coming in from doing what you are in business to do |
| interstate commerce | business dealings across state lines |
| intrastate commerce | business dealings in only one state |
| conflict of interest | the action of a company (or individual) results in an unfair advantage |
| pollution | when the environment is tainted with by-products of human actions |
| conservation | saving scarce natural resources |
| EPA | monitors and enforces measurable standards for water and air |
