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civics chapter 22

sole proprietorship a buisness owned and operated by a sole, or single person
financial capital the money needed to run a buisness or enable it to grow larger
partnership a buisness that two or more people own and operate
articles of partnership a document that identifies how much money each of you will contribute and what role each partner will play in the buisness.
corporation an organized business recognized by law that has many of the rights and responsibilities of an individual
charter government document granting permission to organize
stock ownership shares of the corporation that will be issued
stockholder the people who buy the stock
board of directors people elected by the shareholder of a corporation to act on their behalf
cooperative a voluntary association of people former to carry on some kind of economic activity that will benefit its members
labor union association of workers organized improve wages and working conditions
righ-to-work laws state laws forbidding unions from forcing workers to join
collective bargaining process by which unions and employers negotiate the conditions of employment
mediation situtation in which union and complany officials bring in a third party to try to help them reach an agreement
arbitration situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision
strike when workers deliberately stop working in order to force and employer to give in to their demands
boycott the refusal to purchase certain goods
transparency process of making buisness deals more visible to everyone
discrimination unfair treatment based on prejudice against a certain group
social responsibility the obligation a buisnesss has to pursue goals that benfit society as well as themselves
Created by: cierreadouglas