| Term | Definition |
|---|
| business organization | an establishment formed to carry on commercial enterprise |
| sole proprietorship | a business owned and managed by a single individual |
| liability | the legally bound obligation to pay debts |
| general partnership | partnership in which partners share equally in both responsibility and liability |
| limited partnership | partnership in which only one partner is required to be a general partner |
| corporation | a legal entity owned by individual stockholders |
| bond | a formal contract to repay borrowed money with interest at fixed intervals |
| dividend | portion of corporate profits paid out to stockholders |
| vertical merger | combination of two or more firms involved in different stages of producing the same good or service |
| conglomerate | business combination merging more than three businesses that make unrelated products |
| royalty | share of earnings given as payment |
| consumer cooperative | retail outlet owned and operated by consumers |
| nonprofit organization | institution that functions much like a business, but does not operate for the purpose of generating profits |
| labor force | all nonmilitary people who are employed or unemployed |
| learning effect | theory that education increases productivity and results in higher wages |
| screening effect | the theory that the completion of college indicates to employers that a job applicant is intelligent and hard-working |
| contingent employment | temporary or part-time job |
| productivity | value of output |
| equilibrium wage | wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market |
| unskilled labor | labor that requires no specialized skills, education, or training |
| semi-skilled labor | labor that requires minimal specialized skills and training |
| skilled labor | labor that requires specialized skills and training |
| glass ceiling | unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men |
| labor union | an organization of workers that tries to improve working conditions, wages, and benefits for its members |
| strike | an organized work stoppage intended to force an employer tot address union demands |
| mediation | settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept |
| arbitration | a settlement technique in which a third party reviews the case and imposes a decision that is legally blinding for both sides |
Combine with other sets
Share on Facebook
Share on MySpace