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Sole Proprietorship
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Chapter 22 Vocab

Business and Labor

TermDefinition
Sole Proprietorship Business owned by a single person
Financial Capital Money used to buy the tools and equipment to produce
Partnership A business owned by two or more people
Articles of Partnership Formal legal papers specifying the arrangements between partners
Corporation Type of business organized and owned by many people but treated by law as though it were one person
Charter A written document granting land and the authority to set up colonial governments
Stock Ownership share of a coporation
Stockholders An individual who has invested in stock
Board of Directors People elected by shareholders of a corporation to act on their behalf
Cooperative To help
Labor Unions Association of workers organized to improve wages and working conditions
Right-to-Work Laws 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 unions and company officials bringing in third party companies to help them come to an agreement
Arbitration When unions and companies submit their problems to a third party company to come to a final decision
Strike When workers stop working to try to force the company to give into their demands
Boyott The refusal to purchase certain goods
Transparency Process of making business deals visible to everyone
Discrimination Unfair treatment on people based on prejudice of a certain group
Social Responsibilities The obligation of a business to pursue goals that benefit themselves as well as society
Created by: alecperrell
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