Colin O’Dowd

Chapter 4, Part 2

PatentsGives the inventor the sole right to make,

use, or sell the item for 17 years. Because nobody an steal their product and they can trademark it and copyright it.

The IPod Patent was in 1979.

CopyrightCopyright protects the creative work of

authors, composers, and artists.

It is important so that nobody can steal your ideas or work.

TrademarkA trademark is a word, letter, or symbol

linked with a specific company or product.

McDonalds trademark is the MNike trademark is the Nike TickAmerican Eagles trademark is an eagle

MonopolyA monopoly exists when a business has

control of the market for a product or service.

It is bad for business because all of the consumers will buy products from this business and nobody else’s.

Microsoft is a near monopoly today.

Tax RatesIncome taxes are levied on the income of

individuals. Income taxes are taken out of peoples personal incomes.

The tax rate depends on the persons income.

Property TaxesA major source of revenue for local

governments is the real estate property tax. This tax is based on the value of land and buildings.

Sales TaxSales tax is a state or local tax on goods

and services that is collected by the seller.

Gift TaxA tax imposed on transfers of property by

gift during the lifetime of the giver