Economics CH 3 Vocab for Ponder
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| Corporation | form of business organization recognized by law as a separate legal entity having all the rights of an individual
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| multinational | corporation that has manufacturing or service operations in a number of countries
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| consumer cooperative | voluntary association that buys bulk amounts of goods on behalf of its members
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| sole proprietorship | business Owned and run by one person
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| interest | price paid for the use of another's money
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| limited liability | investor's responsibility for the debts of a business which is limited by the size of his or her investment in the business
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| labor union | organization of workers formed to represent its members' interests in various employment matters
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| principal | money that is borrowed
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| depreciation | non-cash charge a firm takes for the general wear and tear on its capital goods
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| inventory | stock of finished goods and parts in reserve
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| Backruptcy | court-granted permission to an individual or business to cease or delay paying debts
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| Nonprofit organization | organization that operates in a businesslike way to promote the collective interests of its members rather than to seek profit for its owners
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| Collective bargaining | negotiation by a labor union with management over issues such as pay, working hours, and vacation
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| dividend | payment to a stockholder representing a portion of the corporate earnings
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| credit union | financial organization that accepts deposits from and makes loans to employees from a particular! company or government agency
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| partnership | business that is jointly owned by two or more persons
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| net income | revenues minus expenses, including taxes
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| cash flow | sum of net income and non-cash charges, such as depreciation
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| stock | ownership certificates in a firm
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