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civics chapter 22
| Term | Definition |
|---|---|
| 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 |