Intellectual Property
Purely Intangible, has no physical characteristics.
What is Intellectual Property?
All 4 of the "contract basics" terms.
is a natural resource that cannot be replaced when used up
what is non-renewable-resource
A movement of the economy from one condition to another and back again.
What is a Business Cycle
A business owned and run by just one person. Easiest form of business to start and end.
What is a proprietorship?
Gives the inventor the sole right to make, use, or sell the item for 17 years.
What is a Patent?
An offer must be made, and an acceptance must occur.
What is an agreement.
when business has control of the market for a product or service
what is monopoly
A Business cycle in which is the peak of the business cycle where the most people work, inflation is low, and GDP increases.
what is Prosperity
Business owned and controlled by two or more people who have entered into a written agreement.
What is a partnership?
What is Copyright?
Those entering into the contract must be of legal age and must be mentally competent.
What is Competent Parties
what laws prevent other unfair business practices such as false advertising, deceptive pricing, and misleading labeling
what is antitrust laws
The phase of the business cycle in which demand begins to decrease, businesses lower production, and GDP growth slows down.
What is recession
A separate legal entity formed by documents filed with your state. It is owned by one or more shareholders and managed by a board of directors.
A word, letter, or symbol linked with a specific company or product.
What is a trademark?
Something of measurable value must be exchanged by the parties involved.
What is Consideration
what refers to the duty of a business to contribute to the well being of a community
what is social responsibility
The welcome phase in the business cycle in which unemployment begins to decrease and demands for goods and services increases.
What is Recovery
A written agreement among all owners. It details the rules and procedures that guide ownership and operations.
What is a Partnership Agreement?
3 types of Intellectual Property.
What is patent, copyright, trademark?
The contract must be for a product or service that ay be legally sold; also, no fraud or deception exists in the agreement.
What is Legality.
what is an organization that supplies a service or product to vital to all people
what is public utility
The phase of the business cycle that is marked by a prolonged period of high unemployment, weak consumer sales, and business failures.
What is Depression
A written contract granting permission to operate a business to sell products and services in a set way.
What is a franchise?