Intro to Business Notes

Social responsibility

Refers to the duty of a business to contribute to the well-being of a community.

Non-renewable resource

A natural resource that cannot be replaced when used up.

Workplace diversity

The inclusion of individuals from various backgrounds and demographics in the workplace.

ADA (Americans with Disabilities Act)

Legislation that prohibits discrimination against individuals with disabilities in all areas of public life.

Age Discrimination Act

Legislation that protects individuals from discrimination based on age.

Job Safety

Enforced by the Occupational Safety and Health Administration (OSHA), focuses on safety standards in the workplace.

Ethics

Principles of morality or rules of conduct.

Business Ethics

Rules about how businesses and their employees ought to behave.

Code of Ethics

A set of rules for guiding the actions of employees or members of an organization.

Patent

Gives the inventor the sole right to make, use, or sell an item; utility patent is the most common and lasts for 20 years.

Copyright

Protects the creative work of authors, composers, and artists.

Trademark

A word, letter, or symbol linked with a specific company or product.

Interstate business

Business dealings involving multiple states.

Intrastate business

Business that deals only in one state.

Contract

An agreement to exchange goods or services for something of value, usually money.

Public utility

An organization (can be government or privately owned) that supplies a service or product vital to all people.

Monopoly

Exists when a business has control of the market for a product or service.

Antitrust laws

Laws that prevent unfair business practices such as false advertising, deceptive pricing, and misleading labels.

Government role

The government buys goods and services from businesses, employs workers, and receives money through taxes and borrowing.

Copyright protection duration

Copyright protection lasts for a specific period as determined by law.