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Argylls ITB 10/11

Argylls ITB 10/11

QuestionAnswer
Business that takes place between states Interstate commerce
Business that takes place within states Intrastate commerce
Three levels of government Federal, State, local
When one company controls an industry, product or service Monopoly
These laws are meant to stop monopolies Anti-trust laws
A legally enforceable agreement between two or more parties Contract
This occurs when one party fails to live up to the terms of a contract Breach of contract
This gives artists including musicians the legal right to own their creations Copyright
This gives the sole right to own an invention Patent
The amount of years a patent lasts 20 years
A name, symbol or characteristic that identifies a product Trademark
They regulate the manufacturing and selling of drugs in the U.S. The Food and Drug Administration (FDA)
Highways, bridges and national defense are examples of this. Public goods and services
When a business offers a public good or service Privatization
The largest consumer of goods and services in the U.S. Government
Monetary grants given to producers or consumers to encourage certain behaviors. Subsidies
An amount of money people and business pay the government to run that level of government Taxes
A temporary reduction or elimination of a tax Tax incentive
Occurs when a small number of companies control an industry Oligopoly
Interconnected economies of the nations around the world Global economy
Exchange of goods and services between nations International trade
Goods and services that one country buys from another country Imports
Trade from within a country Domestic trade
Goods and services that one country sells to another country Exports
The difference in value between a country's imports and exports Balance of Trade
When a country exports more than it imports Trade Surplus
When a country imports more than it exports Trade Deficit
The ability of a country or company to produce a particular good more efficiently than another company Comparative Advantage
The price at which one currency can buy another currency Exchange rate
Three types of trade barriers Tariff, quota, embargo
Countries of NAFTA US, Canada, Mexico
NAFTA stands for North American Free Trade Agreement
EU stands for European Union
Created by: mgargylls
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