A
The duty of a business to contribute to the well-being of a community.
What is social responsibility?
An agreement to exchange goods or services for something of value, usually money.
What is a contract?
An organization that supplies a service or product vital to all people.
What is a public utility?
Government income is called __________.
revenue
Give an example of a company practicing social responsibility.
TMobile = Home Runs for Hurricane Relief #HR4HR
A natural resource that cannot be replaced when used up.
What is a non-renewable resource?
The exclusive right of an inventor to make, sell, and use a product or process.
What is patent?
A business has control of the market for a product or service.
What is a monopoly?
Intellectual property is _________ with no physical characteristics.
intangible
Provide two examples of a non-renewable resource.
gas, oil, copper, iron ore
Principles of morality or rules of conduct.
What is ethics?
Protects the creative work of authors, composers, and artists.
What is a copyright?
Who is the single largest employer in the U.S. economy?
government
A word, letter, or symbol linked with a specific company or product.
What is a trademark?
Set of rules for guiding the action of employees or members of an organization.
What is a code of ethics?
Rules about how businesses and their employees ought to behave.
What is business ethics?
Provide three examples of a trademark.
Coca-Cola Logo, Nike Swoosh, Google Chrome Browser
How does the government raise money?
Taxes & Borrowing (bonds)
What are the three types of intellectual property?
patents, copyrights, trademarks
Organization that monitors and enforces standards for water and air quality.
EPA = Environmental Protection Agency
Explain the difference between intrastate commerce and interstate commerce.
Intrastate Commerce = business dealings involving companies that do business only in one state. Interstate Commerce = business dealings involving companies that do business in more than one state.
Laws that prevent unfair business practices such as false advertising.
What are antitrust laws?
Name the three types of taxes discussed in Chapter 4.
Income Tax Property Tax Sales Tax
List three of the seven roles of government.
Provide services for members of society, Protect citizens, consumers, businesses, and workers, Regulate utilities and promote competition, Provide information and support, Buy goods and services, Hire public employees, Raise revenue.
List the four elements of a contract.
Agreement, Competent Parties, Consideration, Legality