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chapter 22
| Term | Definition |
|---|---|
| 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 |
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jordanwoody1
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