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civics chapter 22

vocab

TermDefinition
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 an individual who has invested in a corporation and owns some of its st
charter a government document granting permission to organize a corporation
stock holder 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 negotiable the conditions of employment
mediation situation in which union and company officials bring in a third party to try to help them reach and agreement
arbitration situation in which union and company officials submit the issues they cannot agree on to a third party for a final descision
strike when workers deliberately stop working in order to force an employer to give in to thier 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 them selves
stock ownership share of a corporation
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