Chapter 3 | | bankruptcy | The legal procedure by which individuals or businesses that cannot meet their financial obligations are relieved of some, if not all, of their debt, p. 82 | business | An organization that strives for a profit by providing goods and services desired by its customers, p. 76 | cartel | An agreement between enterprises to lessen competition, p. 85 | consumerism | A movement that seeks to increase the rights and powers of buyers vis-À-vis sellers, p. 83 | copyright | A form of protection established by the government for creators of works of art, music, literature, or other intellectual property; it gives the creator the exclusive right to use, produce, and sell the creation during the lifetime of the creator and extends these rights to the creator’s estate for 50 years thereafter, p. 81 | costs | Expenses incurred in creating and selling goods and services, p. 77 | deregulation | The removal of rules and regulations governing business competition, p. 82 | excise taxes | Taxes that are imposed on specific items such as gasoline, alcoholic beverages, and tobacco, p. 86 | goods | Tangible items manufactured by businesses, p. 76 | income taxes | Taxes that are based on the income received by businesses and individuals, p. 85 | monopoly | A situation where there is no competition and the benefits of a free market are lost, p. 85 | not-for-profit organization | An organization that exists to achieve some goal other than the usual business goal of profit, p. 77 | patent | A form of protection (limited monopoly) established by the government for inventors; it gives an inventor the exclusive right to manufacture, use, and sell an invention for 20 years, p. 81 | payroll taxes | Income taxes that are collected