Vocab
allows the government to break up companies with control of a market; prevents monopolies
Sherman antitrust Act of 1890
removal or relaxation of the rules affecting businesses within certain industries
More money made, the higher percentage of taxes will need to be paid
Graduated Tax
“Import taxes”; fees imposed on goods brought into the country; designed to protect U.S. businesses against foreign competition; raise the price of imports to a level comparable to the price of domestic merchandise
Custom Duties
Rules, regulations and interpretations of statutory law set forth by administrative agencies and commissions; enforced on corporations by administrative agencies
Administrative Law
Passed to amend and clarify the Sherman Antitrust Act
Clayton Antitrust Act of 1914
high startup costs or other obstacles which may prevent new competitors from entering an area of business.
Entry Barriers
Federal taxes paid on corporate profits; also imposed by state, local and foreign governments
Corporate Income Taxes
Branch of the government which is headed by the U.S. President
Executive branch
Based on precedents established by judges decisions
Common Law
Establish the Federal Trade Commision
Federal Trade Commission Act of 1915
Provides low-cost loans, advice and other assistance to small businesses
Paid by businesses on land, structures and other property they own
Property Taxes
Includes the two houses of Congress
Legislative branch
Offers value to customers through products and services
Business
Promotes fair competition; prevents false/ deceptive advertising
Federal Trade Commission
Created to protect that natural environment in which we live; stresses clean air, land and water; created laws to prevent businesses from harming the environment
Environmental Protection Agency
Added to the price of goods and services at the time of purchase
Sales Taxes
Is the U.S. court system
Judicial branch
Employees come together to demand a change in the workplace
Organized Labor
Government sets strict rules affecting businesses within certain industries
Regulation
Percentage of total income deducted from a paycheck; graduated tax
Personal Income Tax
Designed to control potentially harmful practices; are automatically included in the price; produce income which must be used for a purpose related to a tax
Excise Taxes
Laws that are written by the legislative branch
Statutory law
Organizations formed to represent workers and prevent unfair labor practices; members are typically employees of the same type of occupation or industry
Labor Union