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SEM2 1.01-1.03 Vocab

SEM2 Vocabulary list

TermDefinition
Ethics Recognizing the difference between right and wrong, then choosing what is right
Code of Conduct A set of conventional principles and expectations that are considered binding on any person who is a member of a particular group
Agent An athlete/entertainer representative that helps with endorsements and negotiations
Intellectual Property patents, copyright, trademarks, and trade, secrets. Federal and state laws protect intellectual rights from misappropriation and infrigement
Patent A grant made by the government that the inventor of a creation has the sole right to make use, and sell that invention for a set period of time
Trademarks /Service Marks Word, phrase, symbol, or design that identifies and distinguishes a company from others and is granted legal protection through the United States Patent and Trademark Office
Copyright An exclusive right granted by the federal government allowing the owner to reproduce and sell an artistic or published work
Certification Marks A mark used by one or more persons, other than the owner, to certify the region, materials, mode of manufacture, quality, or other characteristics of specific goods or services
Collective Marks Trademark or service mark used by members of a cooperative, an association, or other collective group or organization
Trademark Infringement Illegal use of a trademark or service mark; use without the permission of the owner of the trademark or service mark
Ticket Scalping Reselling tickets for more than their face value
Sherman Antitrust Act First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions
Collective Bargaining Negotiations between representatives of labor unions and management to determine pay and acceptable working condidtions
Exclusivity A sponsorship where only one partner is promoted or allowed promotional oppurtunities
Licensee Buyer of the copyrighted, patented, or trademarked material
Licensor Owner of the copyrighted, patented, or trademarked material
Lockout Businesses close and aren't allowed to work
Lucrative Profitable
Strike Stop working and leave jobs
Blackout When a league blocks the broadcast of a certain game in a certain territory
Players Association The labor unions that represent the athletes in professional sports
Free Agency An athletes ability to renegotiate his/her contract with his/her existing team or with another team
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