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chapter 22

TermDefinition
sole proprietorship a business owned and operated by sole, or single person
financial captial 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 you and your partners legal agreement to the business
corporation an organized business recognized by law that has many of the rights and responsibilities
charter a government document granting permission to organize
stock ownership shares of the corporation, that will be issued
stockholder part owners of the corporation
board of directors stockholder elect them to act on their behalf
cooperative a voluntary association of people formed to carry on an economic activity that benefits its members
labor union group 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 of employment
mediation in which they bring a third party who tries to help them reach a compromise agreement
arbitration a third party listens to both sides, then decides how to settle the disagreement.
strike in which all workers in the union refuse to go to work
boycott refuse to buy, the business's products
transparency revealing or making public information
discrimination business are required to give their workers a safe work place and to treat all workers fairly
social responsibility the obligation to pursue goals that benefit society as well as themselves
Created by: stephanieroel1
 

 



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