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Chapter 22
Term | Definition |
---|---|
Sole Proprietorship | A business opened 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 in arrangement between partners. |
Corporation | Type of business organization owned by many people but treated by law as though it were a person. |
Charter | A written document granting land and the authority to set up colonial governments. |
Stock | Ownership 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 and help them reach an agreement. |
Arbitration | Situation in which union and company officials submit the issues they cannot agree on to a third part for a final decision. |
Strike | When workers deliberately stop working in order to force an employer to give in to their demand. |
Boycott | The refusal to purchase certain goods. |
Transparency | Process of making business deals more visible to everyone. |
Discrimination | Unfair treatment based of prejudice against a certain group. |
Social Responsibility | The obligation a business has to pursue goals that benefit society as well as themselves. |