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12 Cards in this Set
- Front
- Back
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What is interstate commerce?
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Business transactions that involve companies in more than one state.
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What is intrastate commerce?
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Business transactions that involve companies in one state only.
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What is a contract?
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An agreement to exchage goods or services for something of value, usually money.
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What is a patent?
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A patent gives the inventor the exclusive right to make, use, or sell an item for 17 years.
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What is a copyright?
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A copyright protects the creative work of authors, composers, and artists.
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What is a trademark?
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A word, letter, or symbol associated with a specific company or product. Ex. logo.
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What is a public utility?
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An organization that supplies a wervice or product vital to all people. Ex. electricity.
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What is a monopoly?
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It exists when a business has control of the market for a product or service. Ex. all food stores in the city owned by one company.
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What are antitrust laws?
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A government action designed to promote competition and fairness and to prevent monopolies.
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What is a revenue?
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Government income.
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What are income taxes?
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Taxes levied on the income of individuals.
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What are property taxes?
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Taxes based on the value of the land and the buildings attached to the land.
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