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Definitions/Chapter7

QuestionAnswer
Monopoly Exists when competition is lacking for a product or service, or when 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 some important way, including the failure to reveal facts about the possible results from using the advertised products.
Bankruptcy a legal process that allows the selling of assets to pay off debts.
Patent am agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention or a process.
Copyright similar to a patent in that the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author, typically, plus 70 years.
Trademark distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner.
Information liability responsibility for physical or economic injury arising from incorrect data or wrongful use of data.
Cookies files of information about the user that some Web sites create and store on the user's own computer.
Interstate commerce defined as business operations and transactions that cross state lines, such as products that are produced in one state and sold in other states.
Intrastate commerce business transacted within a state.
Licensing a way to limit and control those who plan to enter certain types of business.
Public franchise a contract that permits a person or organization to use public property for private profit.
Building codes control physical features of structures.
Zoning regulations that specify which land areas ,ay be used for homes and which areas may be used for different types of busineses.
Created by: krisnole23
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