click below
click below
Normal Size Small Size show me how
ch.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 |
Parternship | A business owned by two or more people |
Articles of parternship | Formal legal papers specifying the arrangement between the partners |
Corporation | type of business organization owned by many people but treated by law as thought it were a person |
Charter | A government document granting permission to organize a corporation |
Stock | Ownership share of a corporation |
Stockholder | An individual who was invested in a corporation and owns some of its stock |
Board of directors | People elected by the shareholder 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 memebers |
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 bargaining | Process by which unions and employers negotiate the conditions of employment |
Mediation | Situation in which and company officials bring in 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 |
Transparency | Process of making business deals more visible to everyone |
Discrimination | Unfair treatment based on prejudice against a certain groups |
Social Responsibility | The obligation a business has to pursue goals that benefit society as well as themselves |