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Chapter 22

TermDefinition
Sole proprietorship a single business owned and operated by a single person.
Financial capital the money need to run a business or enable it to grow
Partnership business that two or more people operate and own
Articles of partnership document identifies how much money each of you will contribute and what role each partner will play in a business
Corporation is an organized business recognized by law that has many of the rights and responsibilities as an individual
Charter a government document granting permission to organize.
Stock or ownership shares of the corporation , that will be issued
Stock holders become part owners of the corporations, uses the money received from sharing these stocks and set up and run business
Board of directors act on their behalf, they hire managers to run the corporation on a daily basis
Cooperative a voluntary association of people formed to carry on an economic activity that benefits it's members
Labor union group of workers who band together to have a better chance to obtain a higher pay
Right to work law prevent mandatory unions membership required by union shops
Collective bargaining officials from the union helps the company meet and discuss workers
Mediation third party who helps them reach a compromise
Arbitration third party that listens to both sides then decides how to settle the disagreement
Strike in which all workers refuse to go to work
Boycott or refuse to buy a businesses products
Transparency purpose to provide information to provide investors with full disclosure
Discrimination that cannot treat with differently on a basis of race, religion, color,gender, age, durability
Social responsibility the obligation to pursue goals that benefit society as well as themselves
Created by: jaziah griffin
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