Economics - Topic 5 Vocabulary
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| sole proprietorship | a business owned and managed by a single individual
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| liability | the legal obligation to pay debts
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| fringe benefits | payments to employees other than wages or salary
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| partnership | business organization owned by two or more persons who agree on a specific division of responsibilities and profits
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| general partnership | a type of partnership in which all partners share equally in both responsibility and liability
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| limited partnership | a type of partnership in which only one partner is required to be a general partner, while other partners have limited responsibilities
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| limited liability partnership | a type of partnership in which all partners are limited partners
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| articles of partnership | a partnership agreement that spells out each partner’s rights and responsibilities
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| assets | the money and other valuables belonging to an individual or business
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| 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
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| royalties | the share of earnings given by a franchisee as payment to the franchiser
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| corporation | a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm’s debts
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| stock | a certificate of ownership in a corporation
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| bond | 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 | the combination of two or more firms competing in the same market with the same good or service
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| vertical merger | the merger of two or more firms involved in different stages of producing the same good or service
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| conglomerate | a business combination merging more than three businesses that produce unrelated products or services
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| multinational corporation | a large corporation that produces and sells its goods and services in more than one country
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| cooperative | a business organization owned and operated by a group of individuals for their shared benefit
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| consumer cooperative | a retail outlet owned and operated by consumers that sells merchandise to members at reduced prices
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| service cooperative | a type of cooperative that provides a service rather than a good
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| producer cooperative | an agricultural marketing cooperative that helps members sell their products
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| nonprofit organization | an institution that functions much like a business but does not operate for the purpose of making a profit
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| professional organization | 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 | a nonprofit group organized to promote the collective business interests of an area or a group of similar businesses
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| trade association | a nonprofit organization that promotes the interests of a particular industry
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| labor unions | an organization of workers that tries to improve working conditions, wages, and benefits for its members
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| labor force | all nonmilitary people who are employed or unemployed
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| outsourcing | 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 | the movement of some of a company’s operations, or resources of production, to another country
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| contingent employment | temporary and part-time jobs that are given to workers instead of full-time or permanent jobs
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| derived demand | a type of demand that is set by the demand for another good or service
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| 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
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| unskilled labor | work that requires no specialized skills, education, or training
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| semi-skilled labor | work that requires minimal specialized skills and education
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| skilled labor | work that requires specialized skills and training
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| professional labor | work that requires advanced skills and education
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| glass ceiling | 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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| strike | an organized work stoppage intended to force an employer to address union demands
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| right-to-work law | a measure that bans mandatory union membership
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| blue-collar worker | someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage
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| collective bargaining | the process in which union and company management meet to negotiate a new labor contract
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| 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
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| 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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