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41 Cards in this Set

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Sole Proprietorship
When just one person does everything for a company or business.
Advantages of Sole Proprietorship
ease of start up
full ontrol, and
exclusive rights to profits.
Zoning Laws
Specific places u can build a business or one can be active in a city or country
Limited Partnership
partners join as investors who provide financial capital in exchange for a share of the profits.
Partnership
a business that is owned and controlled by 2 or more ppl
General Parnership
partners enjoy equal decision-making authority. Unlimited liability.
Advantages of Partnership
ease of start up
specialization,
shared decision making, and
shared business losses
Disadvantages of Partnerships
unlimited liability
potential for conflict, and
lack of longevity
Corporations
legally distinct from their owners and are treated as if they were individuals.
Corportate Charter
permits the formation of the new corporation. reviewed and ok'd by the state officals.
Stock
represents owenership of the firm.
Shares
The ownership of stock is represented in portions known as shares.
Dividends
The profits paid to you as a shareholder
Corporate Bond
is a certificate issued by a corporation in exchange for money borrowed from an investor.
Interest
is the amount that the borrower must pay for the use of those funds.
Merger
occurs when one company joins with or absorbs another.
Horizontal
A merger between two or more companies producing the same good or service.
Vertical
A merger between two or more companies involved in different production phases of the same good or service.
Conglomerate
A merger of companies producing unrelated products.
Subsidiaries
When one company takes over multiple stores but they stay under their own name/
Cooperatives
businesses that are owned collectively by their members.
Nonprofit
works in a businesslike way to provide goods and servcices while pursuing other goals
Labor Force
includes all people who are at least 16 years old and are working or actively looking for work.
Wage
the hourly, weekly, monthly, or yearly pay that a worker receives in exchange for his or her work.
Intrinsic Rewards
are nonmonetary reasons for working at a particular job.
Derived Demand
demand for workers and other resources is derived, or follows, from the consumers demand for the good.
Affirmative Action
the making up for patterns of discrimination against women, members of minority groups, and others who were traditionally disadvantaged in the workplace.
Minimum Wage
teh lowest hourly wage an employer legally can pay a worker for a job.
Labor Union
an organization of workers that negotiates with employers for better wages, improved working conditions, and job security
Open
in which workers did not have to join a union
Closed
workers could only be hired if they first joined a union.
Fringe benefits
nonwage payments, commonly including paid sick days, holidays, and vacation days, life and health insurance, and savings and retirement plans.
Seniority
the holding of privileges based on the number of years a worker has been employed by a firm.
Collective Bargaining
union and management representatives meet to discuss their goals and offer solutions and compromises.
Mediation
negotiators call in a neutral third party, to listen to the arguments of both sides and to suggest ways in which an agreement can be reached.
Arbitration
calls for the assistance of a mediator to arrive at a contract.
Primary Boycott
is an organized effort to stop purchases of a firm's products.
Secondary Boycott
is a refusal to buy the goods or services of any firm that does business with a company whose employees are on strike.
Coordinated Campaigning
which involves the use of picketing as well as boycotts.
Lockouts
occurs when an employer closes a company's doors to striking workers until negotiators reach a contract agreement that is satisfactory to management.
Injunctions
court order.