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Chap 22 Terms

WSHS - C/E - Chap 22 Terms - Boyd/Tedder

sole proprietership a business owned and operated by a single person
financial capital money used to buy the tools and equipment used in production
partnership a business owned by two or more people
articles of partnership formal legal papers specifying the arrangement between partners
corporation type of business organization owned by many people but treated by law as though it were a person
charter a government document granting permission to organize a corporation
stock ownership share of a corporation
stockholder an individual who has invested in a corporation and owns some of its stock
board of directors people elected by the shareholders of a corporation to act on their behalf
cooperative a voluntary association of people formed to carry on some kind of economic activity that will benefit its members
sole being the only one
consult to seek information or advise from a person or resource
clarify to make something more understandable
labor union association of workers organized to improve wages and working conditions
right-to-work-law state laws forbidding unions from forcing workers to join
collective bargining process by which unions and employers negotiate the conditions of employment
mediation situation in which union and company 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 an employer to give in to their demands
boycott the refusal to purchase certain goods
comprise to consist or be made up of
technique prodedure or method by which something is done
option an alternative or choice
transparency process of making business deals more visible to everyone
discrimination unfair treatment based on prejudice against a certain group
social responsibility the obligation a business has to pursue goals that benefit society as well as themselves
foundation an organization
crucial of vital importance
reveal to make know or show plainly
Created by: ktedder