Lesson+09

Lesson 9 - The Role of Government in a Private Enterprise System [|Government in Private Enterprise.pdf]

Important Terms for this Lesson • patent-gives the inventor the sole right to make, use, or sell the item for 20 years • copyright-protects the creative work of authors, composers, artists • trademark-word, letter, or symbol linked with a specific company or product • public utility-an organization that supplies a service or product vital to all people • monopoly-when a business has control of the market for a product or service • antitrust laws-laws that prevent monopolies and promote competition and fairness ||
 * • contract-an agreement to exchange goods or services for something of value, usually money

Summary of Lesson Which level of government regulates foreign commerce? The federal government regulates foreign commerce. Which level of government regulates trade in more than one state? The federal government regulates interstate commerce. What is trade within one state called? Trade within one state is called intrastate. What services are provided by local governments? Police, fire protection, and education are provided by local governments. What are examples of worker protection provided by government? Examples of worker protection include safe work environment, equal employment opportunities, and minimum wage requirements. What are the necessary elements of a contract? **A:** Elements of a contract include agreement, competent parties, consideration, and legality. **Q:** What is a patent? **A:** The patent protects the inventors invention for 20 years. What is the lifespan for a copyright? A copyright is good for 70 years beyond the death of the author or artist. <span style="font-family: Arial,Arial;">What is a trademark? <span style="font-family: Arial,Arial;">A trademark is a protected emblem or logo. <span style="font-family: Arial,Arial;">What are antitrust laws? <span style="font-family: Arial,Arial;">Antitrust laws promote competition and fairness to avoid monopolies. <span style="font-family: Arial,Arial;">How does government raise revenue? <span style="font-family: Arial,Arial;">Revenue is raised through taxes and bonds. <span style="font-family: Arial,Arial;">How does government assist business? <span style="font-family: Arial,Arial;">Government collects census information, provides loans through SBA, and provides financial assistance for natural disasters. ||
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