Chapter 22 civics

Created by Paola-De-La-Rosa 

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29 terms

sole proprietorship

one owner (ALL the responsibility)

Partnership

few owners (partners)

Corporation

many, many owners (stockholders)

disadvantages

unlimited liability
difficult to raise financial capital
double taxation.

Advantages

sing taxation
more difficult to raise financial capital
limited liability ???

Articles of partnership

legal agreement between partners.

stock

ownership shares of a corporation

stockholders

owners of a corporation

board of directions

group elected by stockholders to run a corporation

charter

government document granting permission to incorporate

non-profit org

operates in a business-like way to promote an interest; churches, hospitals, charities, social service groups etc..

Cooperative

type of non-profit organization, voluntary association formed to serve its members; may be of consumes or products.

labor union

group of workers banded together to have a better change at higher pay, beter benefits and better working conditions.

closed shop

workers must be union members to get hired

union shop

workers must join union after they get hired

modified union shop

workers may join union but cannot be forced.

Types of Labor Unions

Industrial & Trade craft

Industrial unions

made up of people in the same industry (UAW)

trade craft unions

made up of people that do the samw work (printers)

right to work laws

make it illegal for unions to require workers to join. (NC is the right to work state, difficult for unions to influence workers or state government)

Collective Bargaining

union leaders and business leaders meed and negociate contracts, discuss salary, benefits, holidays, vacation, breaks, length of workday etc.

strike

work stoppage initiated by the worker's union,to give better contract, point its to embarrass the company, may also

boycott

refuse to buy products, or encourgae others to

lockout

work stoppage intiated by management; campany refuses to allow workers to work, used as pressure by business to sign contract.

mediation

third party negotiates dispute between union & business, meets with both sides, tries to negotiate a compromise (make suggestion)

arbitrators

third party hears both sides and settles the dispute (arbitarotors make a decision)

tran sparency

making business deals more visible to everyone

discrimination

treating someone different based on race, religion color gender age.

social responsability

obligation of business to give back to community.

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