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Economics - Topic 5
Economics - Topic 5 Vocabulary
| Term | Definition |
|---|---|
| sole proprietorship | a business owned and managed by a single individual |
| liability | the legal obligation to pay debts |
| fringe benefits | payments to employees other than wages or salary |
| partnership | business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
| general partnership | a type of partnership in which all partners share equally in both responsibility and liability |
| limited partnership | a type of partnership in which only one partner is required to be a general partner, while other partners have limited responsibilities |
| limited liability partnership | a type of partnership in which all partners are limited partners |
| articles of partnership | a partnership agreement that spells out each partner’s rights and responsibilities |
| assets | the money and other valuables belonging to an individual or business |
| business franchise | a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| royalties | the share of earnings given by a franchisee as payment to the franchiser |
| corporation | a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm’s debts |
| stock | a certificate of ownership in a corporation |
| bond | a formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
| horizontal merger | the combination of two or more firms competing in the same market with the same good or service |
| vertical merger | the merger of two or more firms involved in different stages of producing the same good or service |
| conglomerate | a business combination merging more than three businesses that produce unrelated products or services |
| multinational corporation | a large corporation that produces and sells its goods and services in more than one country |
| cooperative | a business organization owned and operated by a group of individuals for their shared benefit |
| consumer cooperative | a retail outlet owned and operated by consumers that sells merchandise to members at reduced prices |
| service cooperative | a type of cooperative that provides a service rather than a good |
| producer cooperative | an agricultural marketing cooperative that helps members sell their products |
| nonprofit organization | an institution that functions much like a business but does not operate for the purpose of making a profit |
| professional organization | a nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations |
| business association | a nonprofit group organized to promote the collective business interests of an area or a group of similar businesses |
| trade association | a nonprofit organization that promotes the interests of a particular industry |
| labor unions | an organization of workers that tries to improve working conditions, wages, and benefits for its members |
| labor force | all nonmilitary people who are employed or unemployed |
| outsourcing | the practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers |
| offshoring | the movement of some of a company’s operations, or resources of production, to another country |
| contingent employment | temporary and part-time jobs that are given to workers instead of full-time or permanent jobs |
| derived demand | a type of demand that is set by the demand for another good or service |
| equilibrium wage | the wage rate, or price of labor services, that is set when the supply of workers meets the demand for workers in the labor market |
| unskilled labor | work that requires no specialized skills, education, or training |
| semi-skilled labor | work that requires minimal specialized skills and education |
| skilled labor | work that requires specialized skills and training |
| professional labor | work that requires advanced skills and education |
| glass ceiling | an unofficial barrier that sometimes prevents some women and minorities from advancing to the top rank of organizations dominated by men |
| strike | an organized work stoppage intended to force an employer to address union demands |
| right-to-work law | a measure that bans mandatory union membership |
| blue-collar worker | someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage |
| collective bargaining | the process in which union and company management meet to negotiate a new labor contract |
| mediation | a settlement technique in which a neutral person, the mediator, meets with each side to try to find a solution that both sides will accept |
| arbitration | a settlement technique in which a neutral third party listens to both sides and then imposes a decision that is legally binding for both the company and the union |
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