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Chapter 22 Civics
Chapter 21 Civics
| Term | Definition |
|---|---|
| Sole Proprietorship | 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 written document granting land and the authority to set up colonial governments, or 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 Directers | People elected by the shareholders of 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. |
| Labor Union | Association of workers organized to improve wages and working conditions. |
| Right-to-work law | States laws forbidding unions form forcing or threats. |
| Collective Bargaining | Process by which unions and employers negotiate the conditions of employment. |
| Mediation | Situtation in which union and company officals bring in a third party to try to help them reach an agreement. |
| Arbitration | Situation in which union and company officicals submit the issues they cannot agree on to a third party for a final decision. |
| Strike | When worker deliberately stop working in order to force an employer to give in to their demands. |
| Boycott | The refusal to purchase certain goods. |
| Transparency | Process of making business deals. |
| Discrimination | unfair treatment based on prejudice againsr a certain group. |
| Social Responsiblity | The obligation a business has to pursue goals that benefit society as well as themselves. |
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