Civics Vocab Review

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22 terms

Sole Proprietorship

A business owned and operated by a sole person.

Unlimited Liability

Biggest disadvantage to a sole proprietorship.

Financial Capital

The money needed to run a business or enable it to grow larger.

Partnership

A business that two or people own and operate.

Articles of Partnership

A legal agreement between partners.

Corporation

An organized business recognized by law that has many of the rights and responsibilities of an individual.

Charter

A government document granting permission to organize.

Stock

Ownership shares of the corporation.

Stockholders

Owners of a corporation (Shareholders)

Board of Directors

Group elected by stockholders to run a corporation.

Limited Liability

Advantage to corporations.

Double taxation

Paying taxes twice on corporate profits.

Cooperative

A voluntary association of people formed to carry on an economic activity that benefit its members.

Labor Union

Groups of workers who band together to have a better chance to obtain higher pay and better working conditions.

Closed Shop

Workers must be union members to get hired.

Union Shop

Workers must join union after they get hired.

Right to Work Laws

Prevent mandatory union membership required by the union shop.

Modified Union Shop

Workers may join union but cannot be forced.

Collective Bargaining

Union leaders and business leaders meet and negotiate contracts, discuss salary, benefits, holidays, vacation, breaks, length of workday, etc.

Mediation

Third party negotiates dispute between union & business, meets with both sides, tries to negotiate a compromise.

Arbitration

A third party listens to both sides, then decides to settle the dispute.

Strike

Work stoppage initiated by the workers' union.

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