Economics
The idea that consumers have unlimited wants and needs in a society, but limited resources
Scarcity
Airline industry, food industry and the car industry are examples of this type of competition
Oligopoly
This government regulation protects the rights of the employees.
ex. hiring discrimination, wrongful termination, sexual harassment
Equal Employment Opportunity Commission
Rights that protect the intangible creation of the human mind
Intellectual Property
The United States is a mix of what two types of economies?
Capitalism and Socialism
When price is determined by supply and demand?
Market Equilibrium
This type of competition has numerous buyers and sellers, most products are the exact same
Perfect Competition
This administration researches and tests new products for quality and safety
FDA (Food & Drug Administration)
This type of intellectual property is protected for 20 years and safeguards the operation of a product
Patent
Command
What is the study of creating and distributing wealth?
When one seller or business has complete or nearly complete control over the market
Monopoly (Natural Monopoly)
Watchdog for consumers over products that can be hazardous such as children toys
CPSC (Consumer Product Safety Commission)
Lasting for life and 70 years after death this IP protects original works of authors such as movies, books, songs
Copyright
What kind of competitive advantage does monopolistic competition focus on
Non-Price Competition
What are the four economics questions every society must answer?
What to produce
How to produce
Who gets what is produced
Who is in control of the factors of production
Type of competition that differentiate their products due to high number of sellers
Monopolistic
Regulation that fights against price discriminations for the same product in different markets
Clayton Act
The logo on the Capital flag is known as what kind of intellectual property
Trademark
Name the 4 Economic Systems
Market Economy
Command Economy
Traditional Economy
Mixed Economy
Economic system in which individuals answer the 4 economic questions
Capitalism
Daily Double
Eggland's Best Eggs are an example of what kind of competition
Perfect
Name of the tax a business owner must pay on the revenue you make
Business Income Tax
What intellectual property protects against formulas, ideas, processes or patterns that is not general knowledge or accessible by other people?
Trade Secret
What is the federally registered trademark name of the company Mr. Robley owns?
Indy Scale or Indianapolis Scale