Business U for the billionth time

Fiscal Policy:The means by which a government adjusts its tax rates and spending levels to influence a nation's economy
Monetary Policy: Macroeconomic policy by the Federal Reserve that controls interest rates and money supply
Tariff: A tax on imported goods to raise revenue and encourage domestic product sales
Monopoly: A market dominated by one company with little or no competition
Import/Exports: Goods brought into (imports) or sent out of (exports) a country

Hamilton and Jefferson’s Early Beliefs: Hamilton supported strong federal control and industrial growth; Jefferson preferred state power and an agrarian economy
U.S. Government’s Role Over Time :The federal government has become more active in regulating, supporting, and stabilizing the economy

Federal Trade Commission (FTC): Protects consumers and ensures fair business practices
Occupational Safety and Health Administration (OSHA): Ensures workplace safety and health standards
Environmental Protection Agency (EPA): Regulates pollution and protects the environment
Small Business Administration (SBA): Supports small businesses with loans and guidance
Federal Reserve System: Controls U.S. monetary policy, interest rates, and money supply
Securities and Exchange Commission (SEC): Regulates the stock market and protects investors
U.S. Department of Commerce: Promotes economic growth, trade, and business development

Equal Employment Opportunity (EEO) Act: Prevents job discrimination based on race, gender, religion, etc.
Health Insurance Portability and Accountability Act (HIPAA): Protects personal health information
Family Educational Rights and Privacy Act (FERPA): Protects student education records

Zoning Laws: Regulations controlling how land can be used (e.g., residential, commercial)
Licensing Laws: Legal requirements to obtain a permit to conduct certain businesses or jobs
Private Sector: Businesses owned by individuals or corporations
Public Sector: Services and entities operated by the government

Utility Patent: Protects new and useful inventions or discoveries of processes, machines, or compositions of matter; the most common type of patent
Design Patent: Protects the ornamental design or appearance of a product, not its function
Plant Patent :Protects new and distinct varieties of plants that are asexually reproduced

Duration of Patent Protection:20 years for utility and plant patents; 15 years for design patents

1. Capitalism:  An economic system where companies are privately-owned, versus being owned by the government, and that assumes companies are built with a purpose of creating economic value through innovation, driven by a profit-motive, and where prices are set by the market via the ebb and flow of supply and demand. And healthy capitalism also assumes that healthy competition exists

2. Disposable Income:  The amount of money households have available for spending and saving after taxes are paid.

3. Equal Employment Opportunity Act of 1972:  Prohibits discrimination on the basis of race, color, national origin, sex, religion, age, disability, political beliefs, and marital or familial status.

4. Fiscal Policy:  The means by which a government adjusts its tax rates and spending levels to influence a nation's economy.

5. Imports and Exports:  Items shipped into and out of the country.

6. Interstate Trade or Commerce:  Business conducted between states; commercial trade and movement of goods, money, or transportation from one state to another, regulated by the federal government.

7. Monetary Policy:  The macroeconomic policy directed by the Federal Reserve, (also called the central bank), that stimulates or slows down the economy by lowering or raising interest rates, and by determining the amount of money supply in circulation.

8. Monopolistic Competition:  A market where there are many suppliers, and barriers to entry are low, but suppliers try to differentiate their products and gain some price advantage.

9. Monopoly:  A market where one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive.

10. Occupational Safety and Health Act of 1970:  A government agency whose goal is to ensure that employers provide employees a place to work free from recognized hazards, like exposure to toxic chemicals, excessive noise levels, mechanical dangers, heat or cold stress, or unsanitary conditions.

11. Oligopoly:  A market where a small number of companies control the supply of a good or service, and where the barriers to entry for other companies are highly restrictive.

12. Private Sector:  The portion of the economy that is run by businesses and individuals for-profit, and not owned by the government.

13. Public Sector:  The portion of the economy that is controlled or owned by the government.

14. Pure Competition:  A market where a large number of companies provide essentially the same product and sell it at a similar price or the same price, and barriers to entry for new entrants are low.

15. Tariff:  A tax placed on imported goods from foreign countries; governments use tariffs to raise their revenue and promote the sale of their own products.