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ch.22

TermDefinition
Sole Proprietorship a business owned and operated by a single person.
Financial Capital money used to buy the tools and equipment used in production.
Partnership a business owned by two 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 law as thought 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 in a corporation and owns some of its stock.
Board of Directors 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 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 union and company officials bring in a 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 group.
Social Responsiblity the obligation a business has to pursue goals that benefit society as well as themselves.
Created by: wendyurbano
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