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Ethics and Social Responsibility

antitrust lawslaws designed to promote competition and fairness and to prevent monopolies
business ethicsrules about how businesses and their employees ought to behave
code of conducta statement of values and rules that guides the behavior of employees or members of an organization
contractan agreement to exchange goods or services for something of value
copywrightprotection of the work of authors, composers, and artists
ethicsprinciples of morality or rules of conduce
monopolya business that has control of the market for a product or service
non-renewable resourcesa natural resources, such as gas, coal, copper or iron ore, that cannot be replaced once it is used up
patentthe exclusive right given to a person to make, use, or sell and invention for a period of 20 years
public utilitya 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 responsibilitythe obligation of a business to contribute to the well-being of a cummunity
trademarka word, letter or symbol associated with a specific product or company
FTCregulates competition, advertising, commerce and credit
FDAprotects consumers from impure and unsafe food, drugs, cosmetics and health aids
USDAprotects and maintains standards of quality in the daily food supply of the nation
CPSCpromotes safety in the marketplace
NHSTADeals with safety problems in cars and other motor vehicles
agreementan offer must be made and an acceptance must occur
competent partiesthose entering into the contract must be of legal age and of sound mind (mentally competent)
considerationsomething of measurable value must be exchanged by the parties involved
legalitythe contract must be for a product or service that may be legally sold.
Federal Government Revenuecomes from income taxes
State Government Revenuecomes from sales tax
Local Government Revenuecomes from property taxes
revenuemoney coming in from doing what you are in business to do
interstate commercebusiness dealings across state lines
intrastate commercebusiness dealings in only one state
conflict of interestthe action of a company (or individual) results in an unfair advantage
pollutionwhen the environment is tainted with by-products of human actions
conservationsaving scarce natural resources
EPAmonitors and enforces measurable standards for water and air

CTE/Business Education Teacher

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