| Term | Definition |
|---|
| stock | ownership share of a corp. (p.482) |
| sole proprietorship | a business owned and operated by a single person. (p.480) |
| partnership | a business owned by two or more people. (p.481) |
| corporation | type of business organization owned by many people but treated by law as though it were a person. (p.482) |
| shareholders | -, investors that own a share of the company, a person who invests money in a corporation |
| strike | when workers deliberately stop working in order to force an employer to give in to their demands. (p.489) |
| lockout | situation that occurs when management prevents workers from returning to work until they agree to a new contract. (p.489) |
| fringe benefits | -, Any financial extras beyond the regular pay check, such as health insurance, life insurance, paid vacation and/or retirement. |
| right-to-work laws | state laws forbidding unions from forcing workers to join. (p.488) |
| Wagner Act 1935 | -, provided employees the right to select a union with exclusive power as the collective bargaining agent, outlaws certain management unfair labor practices. |
| collective bargaining | process by which unions and employers negotiate the conditions of employment. (p.488) |
| union shop | company that requires new employees to join a union after a specific period of time. (p.488) |
| seniority | years of service, which is used as a consideration for assigning committee members. (p.144) |
| responsibilities of business | -Responsibilities to Consumers, Owners, Employees, the Community. |
| Taft-Hartley Act | - act that made closed shops illegal for any company that makes goods that are soldin states other than the state in which the company is located. (p.488) |
| mediation | situation in which union and company officials bring in a 3rd party to try to help them out to meet changing needs over time. (p.489) |
| arbitration | situation in which union and company officials submit the issues they cannot agree on to a 3rd party for a final decision. (p.489) |
| labor union | association of workers organized to improve wages and working conditions. (p.486) |
| trade union | -, an organization of employees formed to bargain with the employer, Organization of workers with the same trade or skill |
| closed shop | company in which only union members can be hired. (p.488) |
| cooperative | a voluntary association of people formed to carry on some kind of economic activity that will benefit its members. (p.485) |
| limited liability | when a business owner's responsibilityfor a company's debts is limited. (p.484) |
| CEO | -, the corporate executive responsible for the operations of the firm, chief executive officer. The corporate executive responsible for the operations of the firm; reports to a board of directors |
| board of directors | people elected by the shareholders of a corp. to act on their behalf. (p.483) |
| Landrum/Griffin Act | - |
| financial capital | $ used to buy the tools and equipment used in production. (p.481) |
| transparency | process of makeing business deals more visible to everyone. (p.493) |
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