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chapter 22

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 the relation subsisting between partners
articles of partnership formal legal papers specifying the arrangement between partners
corporation an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
charter authorization from a central or parent organization to establish a new branch
stock a supply of goods kept on hand for sale to customers by a merchant, distributor
stockholder Also called stock owner. a holder or owner of stock in a corporation.
board of directors people elected by the shareholders of a corporation to act on there behalf
cooperative working or acting together willingly for a common purpose or benefit
labor union an organization of wage earners or salaried employees for mutual aid and protection and for dealing collectively with employers; trade union.
right to work law a state law making it illegal to refuse employment to a person for the sole reason that he or she is not a union member.
collective bargaining the process by which wages, hours, rules, and working conditions are negotiated and agreed upon by a union with an employer for all the employees collectively whom it represents.
mediation action in mediating between parties, as to effect an agreement or reconciliation
arbitration the hearing and determining of a dispute or the settling of differences between parties by a person or persons chosen or agreed to by them
strike to deal a blow or stroke to (a person or thing), as with the fist, a weapon, or a hammer
boycott to combine in abstaining from, or preventing dealings with, as a means of intimidation or coercion
transparency something transparent, especially a picture, design, or the like on glass or some translucent substance, made visible by light shining through from behind.
discrimination an act or instance of discriminating, or of making a distinction.
social responsibility the obligation a business has to pursue goal that benefit society as well as them selves
Created by: jordanwoody1
 

 



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