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Vocab Chap 17

QuestionAnswer
monopoly exists when competition is lacking for a product or service, or producers are in a position to control the supply and price of goods or services.
price discrimination setting different prices for different customers.
false advertising advertising that is misleading in a material respect or in any way that could influence the customers's purchase or use of a product.
bankruptcy a legal process that allows selling assets to pay off debts.
patent an agreement in which the federal government gives an inventor sole right for 20 years to make, use, and sell an invention.
copyright simliar to a patent in that the federal government gives an author the sole right to reproduce, publish, and sell literary or atistically work for the life of the author plus 70 years.
trademark a distinguishing name, symbol, or special mark placed on a good service that is legally reserved for the sole use of the owner.
information liability responsibilty for physical economic injury arising gtom incorrect data or wrongful use of data.
cookies files of information about the user that some websites create and store on the user's own computer.
interstate commerce business operations and transactions that cross over state lines.
intrastate commerce business transacted within a state.
licensing a way to limit and control those who plan to enter certatin types of businesses.
public franchise a contract that permits a person or organization to use public property for private profit.
building codes codes that regulate physical features of structures.
zoning regulations that specify which land areads may be used for homes and which areas may be used for different types of businesses.
Created by: Adonis_04
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