Chapter 4
Chapter 4
Chapter 4
Chapter 4
Chapter 4
100
What is social responsibility?
It is the duty of a business to ocntribute to the well-being of a community.
100
What does copyright protect?
It protects teh creative work of authors, composers, and artists.
100
What happens when competition is present?
Consumers get the best values at the fairest prices.
100
Why does government create tax policies?
To pay for the services it provides.
100
By borrowing money the government becomes a what?
A debtor and must pay interest on its debt.
200
what are the levels of government?
The federal government, the state government, and the local government.
200
What are trademarks often identified as?
A symbol called a logo.
200
What do antitrust laws prevent?
It prevents other unfair business practices such as false advertising, deceptive pricing, and misleading labeling.
200
What is the largest source of revenue for the federal government?
The individual income tax.
200
What is conservation?
Saving scarce natural resources.
300
What right do you have as a worker?
As a worker you have a basic right to safe working conditions.
300
Who owns the factors of production?
Private organizations
300
How does the government help the businesses?
Government helps businesses by collecting and reporting valuable information.
300
What is a major source of revenue for local governments?
The real estate property tax.
300
The federal government has set measurable standards for what?
For water and air quality.
400
What is a contract?
A contract is an agreement to exchange goods or sevices for something of value, usually money.
400
Where do most goods and services come from?
Private businesses
400
New businesses can obtain what?
New businesses can obtain government loans to help them get started.
400
What is a sales tax?
A state or local tax on goods and services that is collected by the seller.
400
When does pollution occur?
When the enviornment is tainted with by-products of human actions.
500
When might you obtain a patent?
When individuals or companies create new products, they obtain a patent.
500
When does a monopoly exist?
When a business has control of the market for a product or service.
500
What is government income called?
Revenue
500
How does the government borrow money?
By selling bonds.
500
What is a non-renewable resource?
A natural resource that cannot be replaced when used up.
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