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EPF M5L5 Key Terms

Economics & Personal Finance Module 5 Lesson 5 Key Terms

TermDefinition
Sole Proprietorship A business owned and operated by one person.
Partnership A business organization owned by two or more people.
Corporation A business owned by individual stockholders.
Financial Capital Assets needed by a company to provide goods or services, as measured in terms of money value.
Stock A certified ownership in a corporation.
Stockholders Part owners of the corporation.
Dividend Profits paid out to stockholders.
Cooperative A business or firm that is owned and ran jointly by its members, who share the profits and benefits.
Labor Union An organization that negotiates workers benefits, salaries, and working conditions with the employer.
Right to Work Laws A law that restricts union membership, NC is a right to work state.
Boycott The refusal to buy or use the goods or services of a certain company as a means to protest.
Arbitration A third party listens to both sides of an argument and provides a binding decision.
Mediation A third party listens to both sides of an argument and recommends a solution.
Strike When workers collectively stop working to force the employer to meet their demands.
Collective Bargaining Negotiations between the company and the labor union.
Created by: dmcsorley13
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