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Economics - Topic 5 Vocabulary

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Term
Definition
show a business owned and managed by a single individual  
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liability   show
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fringe benefits   show
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show business organization owned by two or more persons who agree on a specific division of responsibilities and profits  
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show a type of partnership in which all partners share equally in both responsibility and liability  
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limited partnership   show
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limited liability partnership   show
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show a partnership agreement that spells out each partner’s rights and responsibilities  
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assets   show
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show 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  
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royalties   show
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show a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm’s debts  
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show a certificate of ownership in a corporation  
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show a formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals  
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horizontal merger   show
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vertical merger   show
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conglomerate   show
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show a large corporation that produces and sells its goods and services in more than one country  
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cooperative   show
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consumer cooperative   show
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service cooperative   show
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producer cooperative   show
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show an institution that functions much like a business but does not operate for the purpose of making a profit  
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show a nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations  
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business association   show
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show a nonprofit organization that promotes the interests of a particular industry  
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labor unions   show
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labor force   show
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show the practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers  
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offshoring   show
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show temporary and part-time jobs that are given to workers instead of full-time or permanent jobs  
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derived demand   show
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equilibrium wage   show
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unskilled labor   show
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show work that requires minimal specialized skills and education  
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show work that requires specialized skills and training  
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show work that requires advanced skills and education  
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show an unofficial barrier that sometimes prevents some women and minorities from advancing to the top rank of organizations dominated by men  
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show an organized work stoppage intended to force an employer to address union demands  
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right-to-work law   show
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blue-collar worker   show
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show the process in which union and company management meet to negotiate a new labor contract  
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show 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  
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arbitration   show
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