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Chap 22 Terms
WSHS - C/E - Chap 22 Terms - Boyd/Tedder
| Question | Answer |
|---|---|
| sole proprietership | a business owned and operated by a single person |
| financial capital | money used to buy the tools and equipment used in production |
| 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 government document granting permission to organize a corporation |
| stock | ownership share of a corporation |
| stockholder | an individual who has invested in a corporation and owns some of its 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 some kind of economic activity that will benefit its members |
| sole | being the only one |
| consult | to seek information or advise from a person or resource |
| clarify | to make something more understandable |
| labor union | association of workers organized to improve wages and working conditions |
| right-to-work-law | state laws forbidding unions from forcing workers to join |
| collective bargining | process by which unions and employers negotiate the conditions of employment |
| mediation | situation in which union and company officials bring in a third party to try to help them reach an agreement |
| arbitration | situation in which union and company officials submit the issues they cannot 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 |
| comprise | to consist or be made up of |
| technique | prodedure or method by which something is done |
| option | an alternative or choice |
| transparency | process of making business deals more visible to everyone |
| discrimination | unfair treatment based on prejudice against a certain group |
| social responsibility | the obligation a business has to pursue goals that benefit society as well as themselves |
| foundation | an organization |
| crucial | of vital importance |
| reveal | to make know or show plainly |
Created by:
ktedder
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