Vocab 1
the duty of a business to contribute to the well-being of society
Social Responsibility
a natural resource that cannot be replaced when used up
nonrenewable resource
Includes county boards and city or town councils
Local
an offer must be made, and an acceptance must occcur
Agreement
government action meant to protect competition and fairness and to avoid monopolies
Antitrust Laws
principles of morality or rules of conduct
Ethics
rules about how businesses and their employees ought to behave
Business Ethics
regulate business actions within their own borders
State
those entering into the contract must be of legal age and must be mentally competent
Competent Parties
This tax is based upon the value of land and buildings
Property Tax
an agreement to exchange goods or services for something of value, usually money
Contract
gives the inventor the sole right to make, use, or sell the item for 20 years
Patent
regulate foreign and interstate commerce
Federal
Something of measurable value must be exchanged by the parties involved
Consideration
taxes levied against the amount you earn
Income Tax
protects the creative work of authors, composers, and artists
Copyright
word, letter or symbol linked with a specific company or product
Trademark
any business conducted that involves companies in more than one state
Interstate Commerce
product or service that can be legally sold; also, no fraud or deception exists in the agreement
Legality
The type tax when you purchase a good or service and is collected by the seller
Sales Tax
an organization that supplies a service or product vital to all people
Public Utility
when a business has control of the market for a product or service
Monopoly
business dealings that involving companies that do business in only one state
Intrastate Commerce
one of the people involved is 15 years old which element is invalid
Competent Parties
When the government wants to borrow money they issue
Bonds