Chapter 4 Intro to Business Vocab.

Age Discrimination in Employment Act

1967 law that prohibits discrimination of employees 40 years and up.

Antitrust laws

Antitrust laws prevent other unfair business practices such as false advertising, deceptive pricing, and misleading labeling. Each of these unfair practices hurts competition and reduces consumer choice. Laws that prevent monopolies and promote competition and fairness.

4.Conditions of work

Clauses that relate to employee well-being are often included in labor contracts and company policy manuals.

patent

Gives the investor the sole right to make, use, or sell the item for 20 years. Ex: If a company creates a new way to record programs from TV, they could get a patent for this. It would prevent others from making or selling recorders.

2.Job Safety

Having a safe place to work .To ensure the right to safety, most employers have put a variety of programs into practice to protect workers. Federal and state governments have also passed laws to make the workplace safer. Safety standards are regulated and enforced by agencies such as OSHA, the Occupational Safety and Health Administration.

intellectual property

Intangible things that are written to represent ideas. Includes Patents, copyrights, and trademarks. It has no physical characteristics.

Copyright

Protection that people get to protect their ideas, products, or other creative work. Lasts for the lifetime of the person and 70 years after. The C with a circle is copyright.

basic roles of the government:

Providing services for members of society Protecting citizens, consumers, businesses, and workers Regulating utilities and promoting competition Providing information and support to businesses Buying goods and services Hiring public employees Raising revenue

Costs

There are costs involved when a business takes socially responsible actions. Money must be spent for new nonpolluting or safer equipment, for building repairs to remove risks, for wellness and rehabilitation programs, and for social projects sponsored by a company.

pollution

When the environment is tainted with the by-products of human actions. Some production methods cause pollution of lakes, rivers, groundwater, and air. A socially responsible business takes action to improve or change operations that cause pollution. For example, engineers design new equipment for reducing pollution.

nonrenewable resource

a resource that cannot be replaced.Examples are gas, oil, and minerals, such as copper and iron ore.

Code of ethics

a set of rules for guiding the actions of employees or members of an organization. address topics such as confidentiality of business information.

Trademark

a symbol, word, or words legally registered or established by use as representing a company or product. " America Runs On Dunkin". Reinforces businesses name or logo.

contract

an agreement to exchange goods or services for something of value, usually money. It is a basic part of doing business. A contract may be written or unwritten.(Can be a verbal agreement). Certain elements must be included for the contract to be enforceable.

public utility

an organization that supplies a service or product vital to all people. Includes telephone service, water, and electricity

1.Workplace Diversity

differences among coworkers including culture, race, age, gender, economic status, and religion among other things. Companies can't discriminate against these differences. Another issue involves the removal of employment barriers for women. For example, employers are not allowed to exclude women applicants from a physically demanding job unless the business can prove the job requires physical skills that women do not have.

Common Benefits of socially responsible activities

include the following: Expanded justice for groups of a society Enhanced company image Reduced need for government actions Improved quality of life in a community and around the world Increased awareness of social issues among workers, consumers, and others

Ethics

principles of morality or rules of conduct

3.Employee Wellness

programs that are offered by employers to maintain a healthy workforce. For example, having a program to help smokers quit.

Business ethics

rules about how businesses and their employees ought to behave. Ethical behavior involves conforming to these rules. Unethical behavior violates them. When determining if something is ethical, ask these three things. Is the action legal? Does the action violate professional or company standards? Who is affected by the action and how?

Conservation

saving scarce natural resources. It is a goal of many companies. For example, lumber companies that consume trees have reforestation programs.

Social Responsibility

the duty of a business to contribute to the well-being of a community a business must weigh the interests and concerns of many groups. A broadened view of the social responsibility of business calls for more attention to social concern. This includes the protection of the environment, inclusion of minorities and women in the workplace, employment of physically challenged and older workers, and a healthy and safe work environment. (4 "branches")

interstate commerce

trade between two or more states

intrastate commerce

trade within a state's own borders

Monopoly

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