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Chapter 22 Vocab

TermDefinition
sole proprietorship a business owned and operated by a single person
unlimited liability when a business owner is personally and fully responsible for all losses and debts of the business
financial capital money used to buy the tools and equipment used in production
partnership a business owned by 2 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 laws as though 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 n a corporation and owns some of its stock
boardholder 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 wadges and working conditions
right-to-work law state laws forbidding unions from forcing workers to join
collective bargainging process by which unions and employers negotiate the conditions of employment
mediation situation in which union and company officials brig in a 3rd party to try to help them reach an agreement
abitration situation in which union and company officials submit the issues they cannot agree on to a 3rd 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 responsibility the obligation a business has to pursue goals that benefit society as well as themselves
Created by: maiyahd
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