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CH 4 Intro Biz JW

Vocabulary

QuestionAnswer
The duty of a business to contribute to the well being of the community. Social Responsibility
Natural resource that cannot be replaced when used up. Non-renewable Resource
Principles of morality or rules of conduct. Ethics
Rules about how businesses and their employees ought to behave. Business Ethics
Set of rules for guiding the actions of employees or members of an organization. Code of Ethics
Agreement to exchange goods or services for something of value, usually money. Contract
Gives the inventor the sole right to make,use, or sell the item for 20 years. Patent
Protects the creative work of authors, composers, and artists. Copyright
Word, letter, or symbol linked with a specific company or product. Trademark
Organization that supplies a service or product vital to all people. Public Utility
Exists when a business has control of the market for a product or service. Monopoly
A government action meant to promote competition and fairness and avoid monopolies. Prevent businesses from practicing such acts as, false advertising, deceptive pricing, and misleading labeling. Antitrust Laws
Created by: joannw15