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epf unit 3
| Question | Answer |
|---|---|
| Intellectual property | Congress derives its power to regulate intellectual property through copyrights and trademarks from Article 1 Section 8 in the commerce clause |
| Eminent domain | The Fifth Amendment provides that the government may only exercise this power to use personal property for public use if they provide just compensation to the property owners. |
| 5th amendment | establishes due process rights which include: "fair" compensation when you property is taken via eminent domain, protection against self incrimination, right to a trial by jury, protection from being tried for the same crime twice, and a "fair trial". |
| Patent laws | patents are intellectual property laws that protect new inventions; they are not enforceable until the patent is issued and expire after 20 years |
| Trademark | established by the Lanham Act, but common law protects business names and logos once they are used on commerce |
| Copyright | Copyright is a type of intellectual property that protects original works of authorship as soon as an author fixes the work in a tangible form of expression |
| Creative commons | A creative commons license is a license issued by the copyright owner to allow anyone in the world to use his or her copyright work in any manner consistent with that license. |
| Licensing | a contractual agreement between two business entities where one company leases its intellectual property (IP) to another company under specific terms and conditions |
| Property rights | individuals generally exercise private property rights or the rights of private persons to accumulate, hold, delegate, rent, or sell their property |
| Food and Drug Administration | protects the public health (health and medical fraud) |
| Federal Trade Commission | prevents business practices that are anti |
| Environmental Protection Agency | Congress authorizes this organization to write regulations that explain the critical details necessary to implement environmental laws |
| Securities and Exchange Commission | protect investors and maintain fair, orderly, and efficient financial markets (investment fraud) |
| Occupational Safety and Health Administration | is a regulatory agency of the United States Department of Labor that originally had federal visitorial powers to inspect and examine workplaces. |
| Mandatory spending | Mandatory spending is simply all spending that does not take place through appropriations legislation. Mandatory spending includes entitlement programs, such as Social Security, Medicare, and required interest spending on the federal debt. |
| Income taxes | taxed assessed based on your adjusted gross income |
| Federal Insurance Contributions Act | this includes Social Security and Medicare Taxes |
| Deficit | when expenses exceed revenue and indicate the financial health of a country. The government generally uses the term budget deficit when referring to spending rather than businesses or individuals. Accrued deficits form national debt. |
| Capital gains tax | taxes on the profits made from the sale of assets such as stocks, bonds, and property |
| Estate taxes | federal tax collected on the value of a person’ property at the time of death; states might collect an inheritance tax, which is the same although the revenue is applied to the state budget |
| Property taxes | taxes paid based on the assessed value of property owned; these are paid to localities |
| Sales tax | taxes paid to states and counties when items are purchased; some items are exempt from this tax, but varies depending on the state and county |
| Excise tax | taxes on goods, services, businesses, etc. that are included or built into the in the price of the item because they are charged at manufacture and not at time of sale |
| Entertainment taxes | many states charge a separate rate for entertainment versus sales tax or in addition to local sales tax |
| Free trade | goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange. |
| Absolute advantage | what an individual/nation is absolutely better at |
| Comparative advantage | the ability to produce a good at a lower opportunity cost that the person or country one trades with |
| Balance of trade | the difference between a country’s imports and exports |
| Trade wars | when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports. |
| Trade surplus | when a country’s exports exceed its imports |
| Trade deficit | when a country’s imports exceed its exports |
| Tariff | a tax on imports; one form of protectionist policy |
| Quotas | a government imposed limit on the quantity or value of imports or exports over a set period of time |
| Embargo | an official ban on imports or economic activity with another country |
| Subsidy | a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive. |
| Globalization | a term used to describe how trade and technology have made the world into a more connected and interdependent place. |
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