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Chapter 22 Vocab
| Term | Definition |
|---|---|
| sole proprietorship | a business owned and operated by a single person |
| unlimited liability | when a business owner is personally and fully responsible for all losses and debts of the business |
| financial capital | money used to buy the tools and equipment used in production |
| partnership | a business owned by 2 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 laws as though it were a person |
| charter | a written document granting land and the authority to set up colonial governments or a government document granting permission to organize a corporation |
| stock | ownership share of a corporation |
| stockholder | an individual who has invested n a corporation and owns some of its stock |
| boardholder | 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 |
| labor union | association of workers organized to improve wadges and working conditions |
| right-to-work law | state laws forbidding unions from forcing workers to join |
| collective bargainging | process by which unions and employers negotiate the conditions of employment |
| mediation | situation in which union and company officials brig in a 3rd party to try to help them reach an agreement |
| abitration | situation in which union and company officials submit the issues they cannot agree on to a 3rd 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 group |
| social responsibility | the obligation a business has to pursue goals that benefit society as well as themselves |
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