Government in Business flashcards

Terms	Definitions
Interstate Commerce	the federal government focuses on business that takes place across all states
Intrastate Commerce	state governments focus on business within each state
oligopoly	when a small number of companies control the market without actually forming a trust
monopoly	a company that controls an entire industry
trust	when rival companies form a monopoly by banding together and agree not to compete with each other
antitrust laws	allow the government to break up monopolies, regulate them, or take them over
contract	a legal agreement between two or more parties to conduct business
breach of contract	when one party fails to live up to the terms of a contract
copyright	gives artists the sole right to own their creations, such as plays, photos, music, paintings and books
patent	gives you the sole right to own an invention
trademark	a brand name, trade name, trade characteristic or a combination of these that is given legal protection by the federal government
revenue	money that the government takes in
subsidies	payments the government gives to businesses to make up for their losses
tax incentives	government offers to businesses to encourage socially responsible behavior

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