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ch 4 vocab

TermDefinition
social responsibility refers to the duty of a business to contribute to the well being of the community
non- renewable resource is a natural resource that cannot be replaced when used up
ethics are principles of morality or rules of conduct
business ethics are rules about how businesses and their employees ought to behave
code of ethics is a set of rules for guiding the actions of employees or members of an organization
contract is a agreement to exchange goods or services for something of value
patent gives the inventor the sole right to make use or sell the item for 20 years
copyright protects the creative work of authors composers and artists
trade mark is a word, letter,or symbol linked with a specific company names,team emblems
public utility is an organization that supplies a service or product vital to all people
monopoly exists when a business has control of the market for a product or service
antitrust laws prevent others unfair business practices such as false advertising
conservation is saving scarce natural resources
pollution occurs when the environment is tainted with the by products
Conditions of work that pertain to the health and safety of employees
Conflict of interest a common conflict in ethical decision making involves
Interstate commerce is business dealing involving companies in more than one state
Intrastate commerce refers to business dealing involving companies in several states
Intellectual property is purely intangible with no physical characteristics
Revenue government income
Income tax are levied on the income of individuals
property tax a major source of revenue for local government
sales tax is a state or local tax on goods and services that is collected by the seller
Created by: DanielRuthe
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