Monopolies & Competition
What is a monopoly?
A market where one company controls all supply.
What is a patent?
A government grant giving exclusive rights to an invention for 20 years.
What is false advertising?
Misleading consumers with inaccurate or incomplete product information.
What is zoning?
Laws that determine how land can be used (residential, commercial, etc.).
What is a sales tax?
A tax added to the price of goods and services at purchase.
What is price discrimination?
Charging different prices to different customers for the same product.
What is a copyright?
Legal protection for authors to control their work for life plus 70 years.
What does the FTC do?
Regulates business practices and protects consumers from unfair trade.
What is licensing?
Government permission to operate certain businesses.
What is a progressive tax?
A tax system where higher earners pay a higher percentage.
What law bans monopolies?
The Sherman Act.
What is a trademark?
A legally protected name, symbol, or mark used to identify a product or service.
What is identity theft?
Using someone’s personal info to commit fraud.
What is a public franchise
A contract allowing private use of public property for profit.
What is a regressive tax?
A tax system where lower earners pay a higher percentage of their income.
What is a natural monopoly?
A monopoly that exists when one provider is most efficient due to high infrastructure costs.
What is intellectual property?
Creations of the mind like inventions, art, and brand names.
What is information liability?
Responsibility for harm caused by incorrect or misused data.
What are building codes?
Rules that regulate the design and safety of buildings.
What is assessed valuation?
The dollar value assigned to property for tax purposes.