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Chapter 22 Vocab.

TermDefinition
Sole Proprietorship A business owned and operated by a 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 A document that indentifies how much money each of you will contribute and what role each partner will play in the business
Corporation An organized business recognized by law that has many of the rights and responsibilites of an individual
Charter A government document granting permission to organize
Stock The amount of ownership shares of the corporation, that will be issued
Stockholder The people who buy 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 an economic activity that benefits its members
Labor Union Groups of workers who band together to have a better chance to obtain higher pay and better working conditions
Right-To-Work Law Law passed to prevent mandatory union membership required by the union shop
Collective Bargaining Process by which unions and employers negotiate the conditions of employment the conditions of employment
mediation 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 All workers in the union refuse to go to work
Boycott A refusal to by the business's products
Transparency Publishing information to provide investor with full disclosure before they choose to invest or continue to invest in the company
Discrimination Unfair treatment based on prejudice against a certain group
Social Responsibility The obligation to pursue goals that benefit society as well as themselves
Created by: patricialovett
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