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| Question | Answer |
|---|---|
| sole proprietorship | a business owned and operated by a single person |
| financial capital | money used to buy the tools and the equipment used in productions |
| 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 is able to check or a government document granting permission to organized a corporation |
| stock | ownership share of a corporation |
| stockholders | an individual who invested in a corporation and owns some of its stock |
| board of direction | people elected by the shareholders of a corporation to act on their behalf |
| cooperative | a voluntary a associations formed to carry some type of economic activity that will benefit their its members |
| labor of union | association of workers organized to improve wage and working conditions |
| right to work law | states law forbidding workers to join |
| collective bargaining | process in which unions and employers negotiate the conditions of employment |
| mediation | situations in which union and company officials bring in the third party to try to help them reach an agreement |
| arbitration | situations in which union and company officials submit the issues they can not 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 a certain group |
| social responablity | the obligation a business has to pursue goals that benefit society as well as themselves |