Avery Trendel

Block 3

A patent is something that gives the inventor of a product the sole right to make, use, or sell the item for 17 years.

Patent of a Basketball

A copyright protects the creative work of authors, composers, and artists.

A trademark is a word, letter, or symbol linked with a specific company or product.

Examples of trademarks are…McDonald’s golden archesNike SwooshThe Apple Logo

A monopoly exists when a business has control of the market for a product or service.

It is bad for business because the business could charge high prices for a low quality product

The NFL has a monopoly on American Football.

The US tax rate on personal income is somewhere between 15 and 25% for me, but it varies depending on people’s income.

This tax is based on the value of land and buildings.

Sales tax is a state or local tax on goods and services that is collected by the seller.

A gift tax is the tax on money or property that one living person gives to another