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chapter 22
| Term | Definition |
|---|---|
| sole proprietorship | a business owned and operated by sole, or single person |
| financial captial | the money needed to run a business or enable it to grow larger |
| partnership | a business that two or more people own and operate |
| articles of partnership | you and your partners legal agreement to the business |
| corporation | an organized business recognized by law that has many of the rights and responsibilities |
| charter | a government document granting permission to organize |
| stock | ownership shares of the corporation, that will be issued |
| stockholder | part owners of the corporation |
| board of directors | stockholder elect them to act on their behalf |
| cooperative | a voluntary association of people formed to carry on an economic activity that benefits its members |
| labor union | group of workers who band together to have a better chance to obtain higher pay and better working conditions |
| right to work law | which prevent mandatory union membership required by the union shop |
| collective bargaining | process by which unions and employers negotiate the conditions of employment |
| mediation | in which they bring a third party who tries to help them reach a compromise agreement |
| arbitration | a third party listens to both sides, then decides how to settle the disagreement. |
| strike | in which all workers in the union refuse to go to work |
| boycott | refuse to buy, the business's products |
| transparency | revealing or making public information |
| discrimination | business are required to give their workers a safe work place and to treat all workers fairly |
| social responsibility | the obligation to pursue goals that benefit society as well as themselves |
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