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Civics chap22
chapter 22
Question | Answer |
---|---|
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 buy 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 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. |
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 bargaining | 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. |
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. |