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12 ECON Vocab 3
Economics CH 3 Vocab for Ponder
| Term | Definition |
|---|---|
| Corporation | form of business organization recognized by law as a separate legal entity having all the rights of an individual |
| multinational | corporation that has manufacturing or service operations in a number of countries |
| consumer cooperative | voluntary association that buys bulk amounts of goods on behalf of its members |
| sole proprietorship | business Owned and run by one person |
| interest | price paid for the use of another's money |
| limited liability | investor's responsibility for the debts of a business which is limited by the size of his or her investment in the business |
| labor union | organization of workers formed to represent its members' interests in various employment matters |
| principal | money that is borrowed |
| depreciation | non-cash charge a firm takes for the general wear and tear on its capital goods |
| inventory | stock of finished goods and parts in reserve |
| Backruptcy | court-granted permission to an individual or business to cease or delay paying debts |
| Nonprofit organization | organization that operates in a businesslike way to promote the collective interests of its members rather than to seek profit for its owners |
| Collective bargaining | negotiation by a labor union with management over issues such as pay, working hours, and vacation |
| dividend | payment to a stockholder representing a portion of the corporate earnings |
| credit union | financial organization that accepts deposits from and makes loans to employees from a particular! company or government agency |
| partnership | business that is jointly owned by two or more persons |
| net income | revenues minus expenses, including taxes |
| cash flow | sum of net income and non-cash charges, such as depreciation |
| stock | ownership certificates in a firm |
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breckart2
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