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Chapter 22

TermDefinition
SOLE PROPRIETORSHIP A business owned and operated by a sole, or single person.
FINANCIAL CAPITAL 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 Formal legal papers specifying the arrangement between partners.
CORPORATION An organized business recognized by law that has many of the rights and responsibilities of an individual.
CHARTER A government document granting permission to organize.
STOCK Ownership shares of the corporation.
STOCKHOLDER Become part owners of the corporation.
BOARD OF DIRECTIONS People elected by the shareholders of a corporation to act on their behalf.
COOPERATIVE A voluntary association of people formed to carry on an economic actiity that benefits its members.
LABOR UNION Groups 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 are made by the central government.
MEDIATION Situation in which union and company officials bring in a third party to try to help them reach an agreement.
ARBITRATION A third party listens to both sides, then decides how to settle the disagreement.
STRIKE When workers deliberately stop working in order to force an employer to give in to their demands.
BOYCOTT Or refuse to buy, the business's products.
TRANSPARENCY Revealing, or making public, this information.
DISCRIMINATION Unfair treatment based on prejudice againts a certain group.
SOCIAL RESPONSIBILITY The obligation to pursue goals that benefit society as well as themselves.
Created by: ILIANAE
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