Module 5 Vocabulary Flashcards
A market in which no individual economic actor can affect the price of a good
Perfectly competitive market
Market in which single producer is a price maker that can determine the price level by deciding what quantity of a good to produce
Monopoly
An international organization that works at standardizing competitive market practices in conjunction with the internal laws of individual nations
World Trade Organization
The first American antitrust policy. Established in 1890, it dealt with limiting the power of price-controlling cartels
Sherman Antitrust Act
Antitrust court case in which a group of iPhone users have accused Apple of monopolistic practices via the App store
Apple Inc vs Pepper
Universal global climate deal aimed at keeping long-term global temperature increase at below 2°C
Paris Agreement
Branch of the United Nations that deals specifically with worldwide environmental problems
United Nations Environment Program
American environmental act from the 1970s that requires federal agencies to prepare environmental impact statements for every recommendation or report
National Environmental Policy Act
American agency established in the 1970s with the goal of monitoring the environmental practices of industry
the Environmental Protection Agency
A 2010 industrial accident that is considered the largest oil spill in history
Deep Horizon Oil Spill
U.S. law that strengthened the Environmental Protection Agency’s ability to prevent and respond to oil spills
Oil Pollution Act of 1990
A US federal law governing water pollution
Clean Water Act
A nongovernmental organization involved in anti-sweatshop activities and the implementation of labor laws
National Labor Committee
Convention (1999) that aimed to eliminate all practices of child slavery or those similar to slavery
Worst forms of child labor convention 1999
Convention (2006) that set out a bill of rights for all seafarers
The Maritime Labor Convention 2006
Convention (2011) aimed at protecting domestic workers from abuse and exploitation
Domestic Workers Convention 2011
Recompense for the injured party by the party that breached the contract
Damages
A structure of law where those at the top govern those at the bottom
Vertical structure of law
Source of contract law in the United States
Uniform Commercial Code
Structure of law where neither party is in a legally dominant position over the other
Horizontal Structure
Laws that govern disputes in a horizontal structure
Horizontal law
United Nations treaty that applies to the international sales of commercial goods
UN Convention on Contracts for the International Sale of Goods (CISG)
A work or invention that is the result of creativity to which one has rights and for which one may apply for a patent, copyright, or trademark
Intellectual property
Protects inventions and improvements to existing inventions for a limited period of time in exchange for detailed public disclosure of those inventions
Patents
Protection for any word, name, symbol, device, or any combination used in commerce to identify and distinguish the goods of one manufacturer or seller from goods manufactured or sold by others
Trademarks
Form of protection provided by the laws of the United States to the authors of “original works of authorship,” including literary, dramatic, musical, artistic, and certain other intellectual works
Copyright
Intellectual property that is kept private
Trade secret
Established by the United Nations to implement global policy related to intellectual property
World Intellectual Property Organization
A WTO agreement that governs all IP laws and protects intellectual property rights for global businesses
Trade-related aspects of Intellectual Property Rights
The legal protections for creations of the mind
Intellectual property rights
