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chapter 22

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Term
Definition
sale proprietorship   a business owned and operated by a single person  
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financial capital   money used to buy the tools and equipment used in production  
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partnership   a business owned by two or more people  
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articles of partnership   formal legal papers specifying the arrangement between partners  
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corporation   type of business organization owned by many people but treated by laws as though it were a person.  
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charter   a written document granting land and the authority to set up colonial governments or a government document granting permission to organize a corporation.  
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stock-ownership   share of a corporation  
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stockholders   an individual who has invested in a corporation and owns some of its stocks  
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board of directors   people elected by the shareholders of a corporation to act on their behalf  
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cooperative   a voluntary association of people formed to carry on some kind of economic activity that will benefit its members  
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labor unions   association of workers organized to improve wages and working conditions  
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right-to-work-law   state law forbidding unions from forcing workers to join  
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collective barganing   process by which unions and employers negotiate the conditions of employment  
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mediation   situation in which union and company officials bring in a third party to try to help them reach an agreement  
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arbritiation   situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision.  
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strike   when workers deliberately stop working in order to force an employer to give into there demands  
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boycott   the refusal to purchase certain goods.  
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transparency   process of making business deals more visible to everyone  
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discrimination   unfair treatment based on prejudice against a certain group  
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social responsibility   the obligation a business has to pursue goals that benefit society as well as themselves  
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Created by: ashlyndowler
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