 | Term | Definition |
| |
Business Organization |
Establishment formed to carry on commercial enterprise |
| |
Liability |
Legally bond obligation to pay debts |
| |
Corporation |
Legal entity owned by individual stockholder |
| |
Conglomerate |
Business combination merging more than three businesses that make unrelated products |
| |
General Partnership |
Partnership in which partners share equally in both responsibility and liability |
| |
Sole Proprietorship |
Business owned and managed by a single individual |
| |
Merger |
Combination of two or more companies into a single firm |
| |
Dividends |
Portion of corporate profits paid out to stockholders |
| |
Limited Partnership |
Partnership in which only one partner is required to be a general partner |
| |
Royalties |
Share of profits given as payment |
| |
Nonprofit Organization |
Institution that functions much like a business, but does not operate for the purpose of generating profits |
| |
Bond |
Fomal contract to repay borrowed money with interest at fixed intervals |
| |
Consumer Cooperative |
Retail outlet owned and operated by consumers |
| |
Strike |
Organized work stoppage intended to force an employer to adress union demands |
| |
Arbitration |
Settlement technique in which a 3rd party reviews the case and imposes a decision that is legally binding for both sides |
| |
Labor Force |
All nonmilitary people who are employed or unemployed |
| |
Equilibrium Wage |
Wage rate that produces neither an excess supply of workers nor and excess demand for workers in the labor market |
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Labor Union |
Organization of workers that tries to improve working conditions, wages, and benefits to its members |
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Contingent Employment |
Temporary or part-time jobs |
| |
Learning Effect |
Theory that education increases productivity and results in higher wages |
| |
Screening Effect |
Theory that the completion of college indicates to emplayers taht a job applicant is intelligent and hard-working |
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Glass Ceiling |
Unofficial, invisible barrier that prevents woman and minorities from advancing in business dominated by white men |
| |
Productivity |
Value of output produced |
| |
Unskilled Labor |
Labor that requires no specialized skills, education, or training |
| |
Semi-Skilled Labor |
Labor that requires minimal specialized skill and education |
| |
Skilled Labor |
Labor that requires specialized skills and training |
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